EUR/JPY Forecast August 24, 2012, Technical Analysis

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The EUR/JPY pair had a fairly quiet session, bouncing off of the 98 handle in order to show support. The pair is entering a massive consolidation zone that leads all the way to the 101 level, and as such we aren’t keen to go long. Although we see the possibility of this pair rising over time, it will be a grind and not so much of a bull market.

With this in mind, this is going to be a difficult pair to go long. However, we are more than willing to keep her eyes open for some type of sell signal. This is especially true right around the 100 handle, as it would be a natural place for sellers to step back in.

 

EUR/JPY Forecast August 24, 2012, Technical Analysis

EUR/JPY Forecast August 24, 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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