EUR/JPY Forecast August 22, 2012, Technical Analysis

Get Forex buy/sell signals directly to your email and by SMS.
To learn more click here

The EUR/JPY had a very positive session on Tuesday as the Euro was bid up against many other currencies. There seems to be a consensus that some kind of rescue plan is coming back into play in the European Union, and as such we saw the Euro gain. This is an old story, and one that we have seen several times before. It always ends of the same: In bitter disappointment for the buyers of the Euro.

It should be noted that the pair gave up some of its gains towards the end of the session right at the 99 handle. This is the beginning of serious resistance all the way to 101, and as such we are more than willing to sell this pair on a week candle. We also see this as being at the top of a recent bullish channel. The mix of the two forms of resistance should eventually bring prices back down. We are not buying this market, and in fact are looking for an excuse to short it, perhaps even on shorter time frames.

EUR/JPY Forecast August 22, 2012, Technical Analysis

EUR/JPY Forecast August 22, 2012, Technical Analysis

Want to read more articles like this one?
Enter your e-mail address and read FX Empire content directly from your inbox.
 
We value your privacy. Your e-mail address will not be shared.
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.

  View all of FX Empire Analyst - Christopher Lewis's Articles    
Share Your Thoughts: Post a Comment


Your email address will not be published.

Reply
0
 

FX Fortune Teller

Chris. good analysis. but again sorry my friend. you are wrong
if you short, you may gain a good technical short profit
but in the long run Euro and Eur/Jpy is going to the moon

EJ = 110.00 in 3-8 weeks

 

include_once( __DIR__ . "/request_context.php");