The EUR/JPY pair initially fell during the course of the week but bounced significantly enough to form a bit of a hammer. This was preceded by a hammer as
The EUR/JPY pair initially fell during the course of the week but bounced significantly enough to form a bit of a hammer. This was preceded by a hammer as well on the weekly chart, so it’s likely that we will see a bounce. However, I think there is a lot of resistance near the 117 handle, so it’s probably only a matter time before the sellers get involved. I think that this market will be a bit too tight for longer-term traders to be involved in, so therefore it makes more sense to pay attention to daily charts and below.
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.
