EUR/JPY Technical Analysis- Prices put in a bearish Evening Star candlestick pattern, hinting a move lower is ahead. Negative RSI divergence reinforces the case for a downside scenario. Initial support is at 123.70, the 14.6% Fibonacci retracement. A break below that exposes the 23.6% mark eat 121.23. Near-term resistance is at 127.70, the February 6 high.

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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