By FXEmpire.com
The EUR/JPY pair shot straight up on Friday as the “risk on trade” came back into play due to a stronger than expected US jobs number. The pair now finds itself struggling at the 97.25 level, which has been very resistive over the last couple of weeks. If we can get above this level, it looks like we would open the door for a run to the 100 or even the 101 handle.
It should be noted that the weekly candle is a hammer, and this does suggest overall strength. We certainly will be selling this pair going forward, as it suggests to us the candle on Friday that there is plenty of momentum to the upside. On a break of the highs for the session on Friday, we think that there is value to be found in buying this pair.
Click here a current EUR/JPY Chart.
Originally posted here
