EURJPY Classic Technical Report 08.27.2012

Prices are drifting following a test of resistance at the top of a rising channel set from the July 24 low, a barrier reinforced by the upper boundary of a larger falling channel carved out since late May (99.48). 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 97.17.

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, send a note with subject line "Distribution List" to ispivak@dailyfx.com