The EUR/JPY pair fell during the balance of the week, but as you can see the market bounced enough to form a hammer. It seems like this market is simply attracted to the 130 handle, so it doesn’t surprise us to see that the market is closed just below it. That being the case, we think that it’s only a matter of time before this market breaks out to the upside, and a move above the highs from this past week would be a valid buy signal after all. Because of this, we fully expect see this market grind higher, and feel that it’s only a matter of time before we reach for the 135 level.
As for the Monday 15th daily forecast:
The EUR/JPY pair had a slightly positive session on Friday, but as you can see the market still remains below the 130 level. This is an area that’s been a bit of a magnet lately, in this market does look like it’s trying to form a supportive based in this general vicinity. However, there’s nothing in this chart that tells us that we need to necessarily go along at this point. On the other hand, the Bank of Japan is certainly going to work against the value of the yen anyway, so selling is an even a thought at this point in time.
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