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Contributors Chart of the Day for July 25th, 2013 – EUR/JPY

By Ilya Spivak

Prices are testing resistance at 132.38, the July 22 high, a barrier reinforced by the 23.6% Fibonacci expansion at 132.51. A break above the latter on a daily closing basis would invalidate the Bearish Engulfing candlestick pattern identified earlier and expose the 38.2% level at 133.59. Trend line support is now at 131.25, with a reversal below that eyeing the 23.6% Fib retracement at 130.62. Negative RSI divergence argues in favor of a downside scenario.

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