The EUR/JPY pair rallied on Friday, testing the 123 handle. There is a significant amount of resistance above, but I believe that every time we pull back
The EUR/JPY pair rallied on Friday, testing the 123 handle. There is a significant amount of resistance above, but I believe that every time we pull back the market will attempt to break above it. I have no interest whatsoever in selling, although I do recognize that pullbacks will be a very real possibility. Longer-term, I believe this market reaches the 125 handle but we may have a lot of work to do before getting there. The 120 level below should be the “floor” in this market going forward, and it is not until a breakdown below there that I think the analysis changes.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
