EURJPY Classic Technical Report 08.24.2012

Prices are testing the top of a rising channel set from the July 24 low (99.38). This barrier is reinforced by the upper boundary of a larger falling channel carved out since late May, now at 99.52. A break above the latter level targets the 100.00 figure, followed by the 101.38-62 area marked by late June swing highs. Channel bottom support is now at 97.04.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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