The EUR/JPY pair broke down during the course of the session on Friday, testing the lows yet again. The 131.50 level has been supportive several times
The EUR/JPY pair broke down during the course of the session on Friday, testing the lows yet again. The 131.50 level has been supportive several times already, so would not be a surprise at all to see this market rally. If we rally from here though, the market should find a bit of resistance at the 133 handle, so at this point in time we are sellers once we get closer to that area. Resistive candles up there would be a nice trading opportunity, and as a result that’s what we are waiting for. On the other hand though, if we break down to a fresh, new low, we believe that the market should reach down to the 130 handle.
EUR/JPY Forecast November 16, 2015, Technical Analysis
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.
