The EUR/JPY pair rose during the session on Wednesday, breaking above the 107.50 level in order to show continued bullishness. We now obviously have
The EUR/JPY pair rose during the session on Wednesday, breaking above the 107.50 level in order to show continued bullishness. We now obviously have another breakout coming, and as such we think that buying this pair at this point in time is the prudent thing to do.
We see significant support at both the 106 and 105 levels, and as such simply aren’t interested in selling this pair at the moment. The Japanese yen will continue to be worked against by the Bank of Japan, and as a result we can only go one direction in this marketplace. Buying on dips be of the short-term charts should be the way to go going forward.
EUR/JPY Forecast December 6, 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.
