By FX Empire Analyst - Christopher Lewis:
The EUR/JPY pair rose during the previous week, breaking the top of the hammer from the week before. This suggests to us the market is about to go higher, and probably aim for 133 in the short term. We ultimately believe that this is a nice buy signal, and are perfectly comfortable buying it right here as far as selling is concerned, we will not do so because of the Bank of Japan, and look at any pullback as a potential buying opportunity as this market seems to have a long way to go still.
As for the Monday 22nd daily forecast:
The EUR/JPY pair fell during the session on Friday, but as you can see bounced from the 131 handle. This hammer does suggest that we are going higher, and quite frankly looking at the weekly charts it’s hard to argue that point. With that being said, we expect a break of the top of this hammer to signal that we are going higher, and possibly to the 135 handle before it’s all said and done. Pullbacks should be thought of as buying opportunities, and we think that the 130 handle should offer significant support as well.
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