EUR/JPY Forecast September 21, 2012, Technical Analysis

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The EUR/JPY pair fell during the session on Thursday, and smashed into the 101 handle. This is the beginning of serious support all the way down to the 100 handle, and as such we think that supportive action could be bought in this general vicinity. However, the candle does suggest that perhaps we are done falling yet, and as such we are waiting until we get a little bit lower in order to start buying. A nice supportive candle is a nice buying signal in this market right now, and we will wait until we get it.

If we managed to close below the 99.50 handle however, we would start shorting this market. This is a very “risk sensitive” currency pair, so as the risk appetite in other market go, so does this market.

 

EUR/JPY Forecast September 21, 2012, Technical Analysis

EUR/JPY Forecast September 21, 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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