The EUR/JPY pair shot straight up during the session on Monday, even though we had very low volume. Looking at this pair, it is obvious that the 112 level
The EUR/JPY pair shot straight up during the session on Monday, even though we had very low volume. Looking at this pair, it is obvious that the 112 level offers resistance going forward, and is the next hurdle to overcome. We do believe that this market will continue higher, and also see the 110 level as massive support. Because of this, we think buying on shorter time frames will be the way to go as the market dips. We believe eventually we break out to the upside at 112, and as such we are perfectly comfortable going long here or using shorter time frame charts that show the slightest hint of support in order to go forward.
EUR/JPY Forecast December 26, 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.
