Forex Analysis: EUR/JPY Classic Technical Report 01.11.2013

Prices put in a Shooting start candlestick below resistance at 118.52, the 50% Fibonacci expansion, hinting a move lower may be ahead. Initial support is at 117.35, the 38.2% level, with a break below that exposing the 23.65 Fib at 115.90. Alternatively, a turn above resistance targets the 61.8% expansion at 119.71.

4hr Chart - Created Using FXCM Marketscope 2.0

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

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