By FX Empire Analyst - Christopher Lewis:
The EUR/JPY pair tried to rally during the week, but as you can see gave back most of the gains. With that being said, this market formed a shooting star that sits right on top of the 130 level, an area that has been supportive. Because of this, we feel that the market may try to pullback, but there is so much support below that selling this market is dangerous to say the least. In fact, if we fall at this point in time, we are willing to buy supportive candles as they appear.
As for the Monday 9th daily forecast:
The EUR/JPY pair fell hard during the session on Friday, but slammed into the large support level yet again in order to find the whole. The 130 level has been massive and its implications, and as a result buyers stepped in and push the market back up. On short term charts, we are more than willing to buy this market as we think it will continue to consolidate between 130 and the 132.50 levels over the next several sessions. However, we are more bullish than bearish, and would be more comfortable buying then selling at this point.
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