The EUR/JPY pair fell during the majority of the Friday session, but we did get support at the 106 level in order to cause a bounce that formed a
The EUR/JPY pair fell during the majority of the Friday session, but we did get support at the 106 level in order to cause a bounce that formed a nice-looking hammer. We are very bullish of this currency pair in general, and as a result we think this is a very positive sign going forward.
On a break of the highs from the Friday session, we think this pair could continue much higher, and possibly challenge the 108 handle. Above their, we see a move to the 110 handle as being very possible. As far shorting is concerned, we will not even consider it until we break well below the 105 level.
EUR/JPY Forecast December 10, 2012, Technical Analysis
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.
