EUR/JPY Forecast July 27, 2012, Technical Analysis
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The EUR/JPY pair got a boost during the session on Thursday as the head of the ECB, Mr. Mario Draghi stated that he was willing to do “whatever it takes” to keep the Euro alive. For some reason, traders seem to have read into the statement much more than the previous ones that stated basically the same thing. The result was a massive rally in the Euro, but it is hard not to notice that the pair slammed directly into the next resistance area, and has so far not been able to get above it.
Looking at the charts the way they ended, although we see Thursday is a strong day, we are willing to look at the possibility of taking a short position based upon shorter time frames. This area is obvious resistance, and would be a natural place to start selling again. As for buying, we are not going to do it.
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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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