EUR/JPY Forecast August 10, 2012, Technical Analysis

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The EUR/JPY pair fell during the session on Thursday, as it continued to plunge lower after smashing into the trend line, 50% Fibonacci level, and the 50 day exponential moving average during the Tuesday session.

Since then, we’ve seen weakness in this currency pair, but it must be said that in the later hours of the session the Americans continue to buy this pair. Because of this, it will be more of a grind lower in our opinion than some type of trend. With this in mind, we are still selling this market, but only on breaks of the lows that have recently been put in both on Wednesday and Thursday. If we can continue lower, we think that eventually we reached the 94 handle. As for buying, we simply won’t do it until we close above the 98 handle.

 

EUR/JPY Forecast August 10, 2012, Technical Analysis

EUR/JPY Forecast August 10, 2012, Technical Analysis

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About: FX Empire Analyst - Christopher Lewis

Christopher is a part of the FXEmpire.com analysis team. He writes Forex and Commodities technical analyses on daily and weekly basis. Christopher writes his analyses in a professional and yet simple to understand manner. His analyses are available in both text and videos.

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