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EUR/JPY forecast for the week of August 22, 2016, Technical Analysis

By:
Christopher Lewis
Published: Aug 20, 2016, 05:03 UTC

The EUR/JPY pair did very little during the course of the week, simply going sideways overall. This makes sense considering we are at the end of summer,

EUR/JPY weekly chart, August 22, 2016

The EUR/JPY pair did very little during the course of the week, simply going sideways overall. This makes sense considering we are at the end of summer, and that typically means holiday season. I believe that the 115 level above will offer resistance, just as the 111 level below will be support. With this being the case, I feel that you will be better served trading this market offer short-term charts in a range bound type of move. If we do break down, it’s likely that a move below the 110 level will be a trader to push this market down to the 105 level.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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