The EUR/JPY pair initially fell during the week but then broke higher and above the 120 handle. Ultimately, this is a market that continues to be bullish,
The EUR/JPY pair initially fell during the week but then broke higher and above the 120 handle. Ultimately, this is a market that continues to be bullish, but I think we are getting a little bit overheated at this point. The pullback is necessary, and could offer enough support underneath to send this market higher. I’m not interested in buying this market, it is far too overextended and thus I think we need a bit of a pullback in order to offer value to longer-term traders who will be more than happy to hang onto this trade.
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.
