EUR/JPY Forecast July 4, 2012, Technical Analysis
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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.
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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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