EUR/JPY Forecast August 21, 2012, Technical Analysis
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The EUR/JPY pair fell during the session after going back and forth on Monday. The pair looks like it’s trying to find some type of support in the 98 region, and as such we aren’t quite ready to sell yet.
We still believe that the Euro is doomed to fall in price, and that the 98 to 100 level is a big massive resistance. However, we haven’t got our sell signal yet and as such are staying on the sidelines. With this in mind, we are looking to sell rallies that show weakness, but we don’t see that sign quite yet. As for buying this pair, we would need to see a daily close above the 101 level in order to be convinced.
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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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