Daily Chart Art - September 11, 2012

EUR/JPY: 4-hour


Do you like trading Fibonacci retracement levels? If your answer is yes, then this setup is perfect for you. As you can see, EUR/JPY seems to have formed a temporary top just above the 100.000 handle. Both price and the Stochastic is heading lower, suggesting that we could see a retest of the previously broken resistance level at the 99.00 handle. If you're part of the bull camp, this could be a good level to jump in long again, as it coincides nicely with the area between the 50% and 61.8% Fibonacci retracement levels.
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