EUR/JPY Forecast September 26, 2012, Technical Analysis
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The EUR/JPY pair fell during the session on Tuesday, as we retested the 100 handle. This level looks to be holding as somewhat supportive at the moment, and as such we think that supportive candles could be a decent buy at this point time. Remember though, this pair does tend to be a “risk on” type of market, and as such we do need help from other indices in markets in order to “feel good enough” to start buying this pair.
If the risk appetite of the world picks up over the next 24 to 3048 hours, we think that we could get a significant bounce at this point as this was the “breakout point.” We do like buying this pair at the moment, as the Bank of Japan is currently working against the value of the Yen as well. Nonetheless, we need to see 100 prove itself as supportive in order to do so.
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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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