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EUR/JPY forecast for the week of May 9, 2016, Technical Analysis

By:
Christopher Lewis
Published: May 7, 2016, 05:01 UTC

The EUR/JPY pair initially rallied during the course the week but turned right back around to form a shooting star. The shooting star at the bottom of the

EUR/JPY weekly chart, May 9, 2016

The EUR/JPY pair initially rallied during the course the week but turned right back around to form a shooting star. The shooting star at the bottom of the range of trading is of course a negative sign, so we break down below the bottom of this shooting star it is more than likely going to send this market looking for the 120 handle. However, if we break down below there we could go much lower than that. We have no interest whatsoever in buying this market, and therefore simply looking for selling opportunities.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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