The EUR/JPY pair initially fell during the course of the week but bounced significantly enough to form a bit of a hammer. This was preceded by a hammer as
The EUR/JPY pair initially fell during the course of the week but bounced significantly enough to form a bit of a hammer. This was preceded by a hammer as well on the weekly chart, so it’s likely that we will see a bounce. However, I think there is a lot of resistance near the 117 handle, so it’s probably only a matter time before the sellers get involved. I think that this market will be a bit too tight for longer-term traders to be involved in, so therefore it makes more sense to pay attention to daily charts and below.
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.
