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EUR/JPY Forecast December 7, 2016, got technical Analysis

By:
Christopher Lewis
Published: Dec 7, 2016, 04:52 UTC

The EUR/JPY pair initially rallied on Tuesday but turned around to form a shooting star. I believe that the market is a bit overdone, and because of this

EUR/JPY daily chart, December 07, 2016

The EUR/JPY pair initially rallied on Tuesday but turned around to form a shooting star. I believe that the market is a bit overdone, and because of this we need to find buyers below to turn things back around and continue the uptrend. I think that the 120 level is essentially the “floor” in this market, so if we can pull back and find buyers in that area, I would be quick to go long. I have no interest in shorting, because I recognize that the Japanese yen itself is massively negative.

About the Author

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.

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