The EUR/JPY pair initially fell during the day on Friday, but found enough support below the 113 level to turn things around and form a bit of a hammer.
The EUR/JPY pair initially fell during the day on Friday, but found enough support below the 113 level to turn things around and form a bit of a hammer. The hammer is a very bullish sign, but it’s not until we break above the top the shooting star on Thursday and that I think the buyers will come into the marketplace. Once we get above there, the market should then reach towards the 116 level. Ultimately though, this is a market that remains fairly negative so this might be a short-term trade at best.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
