The EUR/JPY pair initially rallied on Friday, but turned around as the 120 level offered quite a bit of resistance. By forming a shooting star, I think we
The EUR/JPY pair initially rallied on Friday, but turned around as the 120 level offered quite a bit of resistance. By forming a shooting star, I think we are getting a pullback soon. This is a great sign for this market though, because quite frankly there is quite a bit of buying pressure underneath just waiting to happen. This would be continuation of the longer-term move that has just started, as the trend looks as if it is going to change completely. A break above the top of the shooting star is reason enough to go along.
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.
