To learn more click here
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.