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EUR/JPY forecast for the week of January 23, 2017, Technical Analysis

By:
Christopher Lewis
Updated: Jan 21, 2017, 07:44 UTC

The EUR/JPY pair initially had a negative week, but found enough support above the 120 level to turn things around to form a positive candle. It looks as

EUR/JPY weekly chart, January 23, 2016

The EUR/JPY pair initially had a negative week, but found enough support above the 120 level to turn things around to form a positive candle. It looks as if we are trying to go higher, and therefore I believe in the “buy-and-hold” approach. I think that the 120 level will continue to be massive support and essentially serve as a “floor” in this market. With this being the case, I have no interest in selling this market and believe that we are going to attempt to reach the 125 handle above.

About the Author

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.

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