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Forex pairs in this Article » EUR/JPY, EUR/JPY
Prices put in a Bearish Engulfing candlestick pattern below resistance at 120.13, the 123.6% Fibonacci expansion, hinting a move lower is ahead. Initial support is at 188.87, the 100% Fib, with a break below that aiming for the 76.4% expansion at 117.61. Alternatively, a reversal above 120.13 aims for the 138.2% level at 120.91.

Forex_Analysis_EURJPY_Classic_Technical_Report_01.14.2013_body_eurjpy01142013.png, Forex Analysis: EUR/JPY Classic Technical Report 01.14.2013 4hr Chart - Created Using FXCM Marketscope 2.0

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

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