The EUR/JPY pair attempted to break above the 130 handle again over the last week, but as you can see failed. The matter fact, on the daily chart we have two shooting stars in a row and this of course shows more weakness in them the weekly chart by itself shows. That being the case, we are simply going to wait and hope that this market pulled back to the 125 handle yen, which is an excellent place to start buying. If we get that move, we won’t hesitate on signs of support to start getting long.
As for the Monday 24th daily forecast:
Looking at the EUR/JPY pair, you can see that we have formed two shooting stars in a row now. This was preceded by a hammer, and therefore suggests to us that this market is going to grind sideways. It must be said though, to form two shooting stars in a row does look rather bearish. We think that we’ve got a consolidation area between the 130 handle on the top, and the 127 handle on the bottom. Because of this, we think that this market is a short-term trading environment, and therefore we want to sell towards the top of that range, and by towards the bottom.
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