EUR/JPY Forecast for the week of September 3, 2012, Technical Analysis
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EUR/JPY had a very neutral week by the time we close the markets on Friday. The pair ended up to the 98.50 area, which is essentially the bottom of a massive resistance barrier all the way to the 101 handle. Because of this, it looks like moving higher is a real struggle for this currency pair right now, and we would prefer to sell on a break of the previous weeks lows. This is essentially the same as selling the week previous based upon the shooting star, but this also the same thing: a severe failure to break through resistance. If this happens, we would fully expect to see the 94 handle before it’s all said and done. In order to buy this pair, we need to see a print on the daily chart above the 101 handle.
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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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