The EUR/JPY pair went back and forth during the course of the day on Wednesday, testing the 138 level as resistance. That area has been a significant
The EUR/JPY pair went back and forth during the course of the day on Wednesday, testing the 138 level as resistance. That area has been a significant barrier more than once, so it does not surprise us at all that it offered a significant amount of selling pressure. However, the market looks as if it’s basically trying to build up enough pressure to break out, and as soon as we get a daily close above the aforementioned 138 level, we are buyers as we think the market would then head to the 140 handle, and the perhaps even higher than that.
EUR/JPY Forecast October 30, 2014, 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.
