EUR/JPY forecast for the week of October 1, 2012, Technical Analysis
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The EUR/JPY pair fell during the previous five sessions as the Euro weakened against the Yen in general. The pair found support at the 100 level, and this of course is a major area as it is a large round psychological number. Right now, it still looks weak, but we are willing to look for supportive candles in this general vicinity.
After all, we did break out recently and have now pullback to an area that could be simply proving resistance as support going forward. Alternately, we would be willing to sell if we got below the 99 handle on a daily close as it would show a continuation of the downtrend
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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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