To learn more click here
The EUR/JPY pair rose during the session after initially falling on Wednesday as the 98 handle held as support. This pair does look like it once the go higher, but there is a ton of resistance all the way to the 101 level. Because of this, we are presently on the sidelines but would be more than willing to step into this market if we get below the 98 level on a daily close. This would suggest to us the downtrend was eating ready to continue, and of course the uptrend line would have been broken that we are currently coming close to.
As for buying this pair, we are just going to be very cautious and wait until we get above the 101 handle. As for selling though, if we do manage to break down below the trend line in the 98 handle, we are more than willing to hang on until we get the 94 handle again.