By FXEmpire.com
The EUR/JPY pair fell during the Thursday session as the concerns in Europe continued. However, by the end of the session we saw a hammer forms and it looks as if we are staying within the consolidation area between 98.50 and 101.50 or so. On a break of the top of this hammer from the Thursday session, we figure that this market will continue to bounce around in this rectangle, but ultimately should show weakness. With the trend being so bearish, we prefer selling this market on rallies. We will do so on week candles closer to the 101 handle as it is significant resistance. On a break of the bottom of Thursday’s range, we would become aggressively short.
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Originally posted here
