The EUR/JPY pair initially fell during the course of the day on Friday, but then turned back around at the 138 level to form a hammer. The hammer of
The EUR/JPY pair initially fell during the course of the day on Friday, but then turned back around at the 138 level to form a hammer. The hammer of course is bullish, so we can break above the top of it, we believe this market will then reach towards the 140 handle. The 140 handle is very resistive though, so we do not anticipate this market breaking out of it right away. In fact, we believe that is just simply a short-term buying opportunity in what has been a rather volatile market.
EUR/JPY Forecast August 24, 2015, Technical Analysis
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
