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The EUR/JPY pair attempted to rally during the session on Tuesday but failed in the end to make the gains stick. In fact, the candle for the session ended up being a shooting star which of course is a bearish sign. However, this is mixed in with a long string of hammers and shooting stars, showing that the 98.50 level seems to be a little bit of equilibrium at this point in time.
We still see the area above is very resistive, which of course is highlighted by the 100 handle. In fact, we see the resistance going all the way to 101, and will not buying this pair until we clear that on a daily close. As for selling, we are more than happy to start doing it once we are below the 97.50 level.