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The EUR/JPY pair initially rose during the previous five sessions as the Euro got a bit of a reprieve against all of the negative emotion in the markets. However, by the time the week closed out we had formed a shooting star. The candle is just at the bottom of a massive resistance barrier all the way to the 101 level, and as such it looks very reliable.
The market looks set to retest the lows at the 95 level if we can break below the bottom of the previous weeks range. However, if we manage to break above the top of the shooting star this won't be a bullish signal quite yet. We have to get over the 101 level in order to go long of this pair on some type of long-term trade.