EUR/JPY Forecast October 8, 2012, Technical Analysis

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The EUR/JPY pair rose during the session on Friday as the Euro continued to gain against most currencies. The Japanese yen continues to suffer at the hands of the Bank of Japan as the central bank continues to try and weaken its own currencies. In this scenario, this pair is an obvious choice to start going long on.

The 100 level below is the “floor in the market” currently, and as such we are willing to buy pullbacks that show support between here and there. As for selling is concerned, we would be even remotely interested until we get well below the 98 handle, something a looks very unlikely at this point time.

 

EUR/JPY Forecast October 8, 2012, Technical Analysis

EUR/JPY Forecast October 8, 2012, Technical Analysis

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About: FX Empire Analyst - Christopher Lewis

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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