EUR/JPY Forecast July 4, 2012, Technical Analysis

By FX Empire Analyst - Christopher Lewis
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The EUR/JPY pair had a bullish session on Tuesday as the "risk on" trade came back into Vogue. The 100 handle acted as support again, and this does suggest that the pair may have an actual upwards bias even though it is currently consolidating. With this in mind, we are especially interested in breaks above the 101.60 level, as it would show a change in momentum. However, the downtrend is very evident and we want to be a little bit more conservative on the entry. Because of this, we are waiting to see a daily close above the 102 handle in order to buy. As for selling, we need to see a weakened candle in order to do so. We have not seen a significant one yet.

EUR/JPY Forecast July 4, 2012, Technical Analysis

EUR/JPY Forecast July 4, 2012, Technical Analysis

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