Singapore Markets closed

EUR/JPY Technical Analysis: Topside Breakout Attempted

Ilya Spivak


EUR/JPY Technical Analysis - Prices are testing above resistance at 132.38, the July 22 high, a barrier reinforced by the 23.6% Fibonacci expansion at 132.51. A break above the latter on a daily closing basis would invalidate the Bearish Engulfing candlestick pattern identified earlier and expose the 38.2% level at 133.59. Trend line support is now at 131.04, with a reversal below that eyeing the 23.6% Fib retracement at 130.62.


Confirm your chart-based trade setups with the Technical Analyzer.


dailyclassics_eur-jpy_body_Picture_11.png, EUR/JPY Technical Analysis: Topside Breakout Attempted

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.