EUR/JPY Forecast September 3, 2012, Technical Analysis
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The EUR/JPY pair rally during much of the session on Friday, but failed to stay above anything resembling resistance. The end of the day saw the pair form a shooting star, and now it becomes even more imperative that this market holds above the 97.50 level, which seems to be the support. If this level gives way, we are more than willing to start selling this market as it looks like it simply cannot gain traction. In fact, we see resistance all the way back to the 101 level, and until we get above that level we simply will not go long. We are looking for resistive candles or break down below 97.50 in order to sell this market and aim for the 94 handle.
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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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