EUR/JPY Forecast July 9, 2012, Technical Analysis
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EUR/JPY pair fell for the Friday session as the poor jobs number got the “risk off” trade going. The situation in the European Union simply seems untenable at the moment, and many traders are starting to doubt whether or not the currency union can hold together. The breaking of 98.50 is a significant move lower in the pair, and we think that we are about to retest the lows at 95. It is because of this, that we are willing to fade rallies that show any signs of weakness even on the shorter time frames, and of course a break of the Friday lows. The real battle will be at 95, which we expect to see bounce from lives would not be surprised to see that level eventually give way. As for buying this pair, we simply want nothing to do with the Euro at the moment.
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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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