EUR/JPY Forecast October 22, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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The EUR/JPY fell during the Friday session after forming a shooting star on Thursday. While this is normally a very bearish signal, it should be noted that Wednesday formed a hammer, and this of course adds to the confusion just above the 103 handle. Because of this, we are actually staying flat of this market currently, as it is so risk sensitive.

We do think however, that if we managed to break the bottom of the hammer from Wednesday we would start selling in order to aim for a move down to about 101. Alternately, if we break the top of the shooting star from Thursday, this would be a bullish sign and have us buying yet again.

 

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