The EUR/JPY pair fell during the balance of the week as we crashed through the 130 level, an area that had been rather supportive. However, we see quite a bit of support all the way down to the 125 handle, so we’re not very impressed. In fact, we feel that we are simply going to flounder around between 125 and 133 for the remainder of the summer. Right now, and looks like this market is heading lower, but we feel much more comfortable going long as his pair has been so bullish lately.
As for the Monday 12th daily forecast:
The EUR/JPY pair fell during the session on Friday, attempting the bottom of the hammer from the Thursday session. We are still above the 128 handle though, and there is a significant amount of support in this general vicinity. Beyond that, there is a ton of support down at 125, so we think that any downside move will be somewhat limited. Are looking for a supportive candle in order to start buying, but we simply do not have it at this point in time. We actually get more interested in going long the lower that we go in this pair.
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