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EUR/JPY forecast for the week of July 18, 2016, Technical Analysis

By:
Christopher Lewis
Published: Jul 16, 2016, 05:16 UTC

The EUR/JPY pair broke higher during the course of the week, slicing through the 115 level like it wasn’t even there. However, on the Friday session we

EUR/JPY weekly chart, July 18, 2016

The EUR/JPY pair broke higher during the course of the week, slicing through the 115 level like it wasn’t even there. However, on the Friday session we did up forming a shooting star so I think we are getting ready to run into a bit of trouble here. I would love to see an exhaustive candle in order to start selling, but I may not get it on the longer-term charts and have to wait until it shows itself on the daily charts or even below. As we’ve already had it, I think we are going to continue going lower but recognize that the 120 level is essentially the “ceiling.”

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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