EUR/JPY forecast for the week of October 15, 2012, Technical Analysis
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EUR/JPY had an interesting week, as it first fell hard and then bounced off of the 100 handle in order to form a hammer. The hammer has support and a base at the 100 handle, which of course is a logical place to see traders get involved. Currently, it looks as if we break the top of this past week hammer could go to the 105 level. As for selling, a break below the 100 handle would fact be a significant move as it would not only break the support level, but the bottom of the hammer from this previous week. At that point in time we would become very short of this market.
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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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