EUR/JPY Forecast October 23, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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The EUR/JPY pair shot through the 104 handle and resistance during the day on Monday in order to continue its next leg higher. Based upon the previous consolidation area, we believe this move has 400 pips and it, and should end up somewhere around the 108 level. As for selling, we see absolutely no reason to do so at this point time, and as such will continue to be long of this market. However, you should keep in mind that no move goes in a straight line, and this market will zigzag from time to time.

 

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