The EUR/JPY pair initially surged higher during the week, but as you can see the 1.3350 level was a bit too much for the buyers. The pullback formed a shooting star that is sitting just on top of the 130 handle, but we believe that there is enough support below that area in order to keep the market somewhat elevated. Any dip below the 130 handle will more than likely find a lot of buyers, so we may have to look to short timeframe charts such as the daily timeframe in order to get our buy signal. Nonetheless, this is a “buy only” market.
As for the Monday 27th daily forecast:
The EUR/JPY pair fell during the day on Friday, but as you can see the 130 handle did in fact hold as support. This level has held as support two days in a row, and it is a significant level. We believe that this market will find a lot of buyers at that level unless something catastrophic happens, and as a result this may be a decent area to go ahead and try to start buying. Don’t expect an easy move higher, but in the long run this pair is definitely going higher.
0 Response to "Forecast EJ - Technical Analysis Week 20130527"
Post a Comment