Forex Analysis: EUR/JPY Classic Technical Report 11.20.2012

Prices broke above support-turned-resistance ata rising trend line set from late July to challenge 104.61, with a break above that exposing a rising channel top at 105.12. The first major of support lines up at 102.11, the 23.6% Fibonacci retracement. A drop below that targets the 100.58-97 area, marked by the 38.2% level and the channel bottom.

Daily Chart - Created Using FXCM Marketscope 2.0

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

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