EUR/JPY Forecast August 17, 2012, Technical Analysis
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The EUR/JPY had a very strong day during the session on Thursday as the 98 handle was met. This was a breakout of sorts, but is running into the very last vestiges of resistance. Because of this, we are more than willing to buy this market on a break above the Thursday highs, but expect the 100 handle to offer significant resistance. As such, this would only be a short-term trade.
As for selling this market, we need to see that week candle in place to do so. It should be noted that a break higher of the Thursday highs would have this market breaking out of what appears to be a rising wedge. This of course would negate the pattern, which in itself is very bullish. At this moment time though, selling isn’t going to be easy until we get below that rising wedge, or get some type of candle as mentioned before such as a shooting star.
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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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