EUR/JPY Forecast August 9, 2012, Technical Analysis

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

The EUR/JPY pair fell during the Wednesday session as it reacted to the meeting of a trend line, 50% Fibonacci level, and the 50 day exponential moving average from the Tuesday close. The move lower wasn’t unexpected, and in fact we mentioned yesterday that it was the best looking short in the market. However, it does appear that the 97 handle is offered a bit of support as we saw some of the losses recouped late in the day.

This sets up an easy short signal if we can break below the lows of the Wednesday hammer. If that happens, we think this market can move down to the 94 handle which was the site of the previous lows. We certainly wouldn’t be buying the Euro at this point in time in general.

EUR/JPY Forecast August 9, 2012, Technical Analysis

EUR/JPY Forecast August 9, 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Your email address will not be published.


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