EUR/JPY Forecast July 19, 2012, Technical Analysis
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The EUR/JPY pair fell during the Wednesday session as the Euro continues to suffer against the safety currencies. The 96.50 level seems to be significant support, so we are not ready to start shorting this pair just yet. In fact, a bounce from here would make sense as the pair is oversold, but we cannot argue with this pair if it breaks down and would be forced to sell below the 96 level.
As for where this pair could go, 95 is the first target we would think the sellers would target. Below there, we could go as low as 90 or even 85 before it’s all said and done. However, it should be noted that the Bank of Japan can intervene in any time, but will more than likely avoid doing so and less the Dollar starts to fall against the Yen to rapidly. As such, we need to see the USD/JPY pair stays stable while this one falls in order to feel comfortable shorting. If we get a bounce, we are looking to sell at roughly the 99 handle as it looks to be significant resistance.
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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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