EUR/JPY Technical Analysis- Prices put in a Harami candlestick pattern below resistance at 125.57, the 76.4% Fibonacci retracement, hinting a move lower may be ahead. Initial support is at 124.26, the 61.8% level, with a break below that exposing the 50% Fib at 123.20. Alternatively, a move above 125.57 aims for rising trend line support-turned-resistance at 126.52.

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.