EUR/JPY Forecast September 20, 2012, Technical Analysis

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The EUR/JPY pair initially surge during the session on Wednesday, as the Bank of Japan announced further stimulus. However, by the end of the session we fell in order to form a shooting star. This of course would be rather concerning to the bullish out there, but the reality is that we need to pullback in order to retest the previous resistance as support. Because of this, we do see the potential for lower prices in the immediate future, we think that somewhere above the 100 level we will find support. On that particular candle and day, we are willing to start buying. If we close on the daily chart below the 99.80 handle however, this would signal a significant break of momentum.

EUR/JPY Forecast September 20, 2012, Technical Analysis

EUR/JPY Forecast September 20, 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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