Forex Analysis: EUR/JPY Classic Technical Report 01.16.2013

Prices put in a bearish Evening Star candlestick pattern below the 120.00 figure, pointing to a move lower ahead. Initial support is at 115.44, the 23.6% Fibonacci retracement, with a break below that targeting rising trend line support at 113.46 and the 38.2% level at 112.55.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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