EUR/JPY Forecast December 14, 2012, Technical Analysis
The EUR/JPY pair shot straight up again during the session on Thursday, but didn’t have the same momentum that we have seen over the last couple of sessions. This is understandable as we are approaching the 110 handle after all, which of course will be resistive. This of course is a large round number, so it will attract certain amount of traders, and as a result we think a pullback is probably coming. With this in mind, we are not willing to buy appear, but would rather wait and see that pullback and hopefully see a move back down to about 108 where we would find pretty significant support. If that happens, we would be more than willing to go long of this market. Alternately, we may see a breakout above 110, and would have to buy that on a daily close above that level.
Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.