EUR/JPY Technical Analysis- Prices declined as expected to test falling trend line resistance-turned-support set from early April, now at 129.49. A break below that exposes the 38.2% Fibonacci retracementat 128.19. Near-term resistance is at 133.81, the May 22 high.
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.