EUR/JPY Forecast for the week of July 16, 2012, Technical Analysis
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The EUR/JPY pair fell during the previous week as the Euro continues the selloff in general. However, it does look as we close out the trading week that the 97 handle is holding a support. This suggests that we are clearly at the bottom of a consolidation zone that features 97 as its bottom, and 101 as its top.
With this in mind, we would be more than willing to buy this market on a break of the top of this candle. We would call this a trade and not an investment as we are more than willing to take profits at the 101 level. If we manage to break lower and below this candle, we feel that the 95 handle will offer significant support and as such we are willing to sell to or below that area. The risk reward ratio on the short trade from this level simply doesn’t make sense.
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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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