EUR/JPY Forecast October 15, 2012, Technical Analysis
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The EUR/JPY pair attempted to rally during the session on Friday, but was turned away want to get close to the 102 level. The resulting candle is a shooting star, and in fact this pair looks like it’s trying to form some type of the descending triangle. If that’s the case, this would suggest that the 100 level would finally give way and this of course would be massively bearish.
Nonetheless, it is a bit early to suggest that this is going to happen, so we must look at the immediate future. The bottom of the range for Friday would signal an area for which we would be selling in order to look for the 100 handle. Below the 100 handle we think there is quite a bit of support. In fact, it will probably be a fight all the way down to the 98 level.
As for going higher, I break of the top of Friday’s shooting star would be a bullish sign. This more than likely would lead to choppy bullishness, but would more than likely rise with general attitude of risk assets in other market.
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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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