By FXEmpire.com
EUR/JPY initially fell during the previous week, to retest the 96 handle. We found support in that general vicinity, and formed a hammer by the end of the session. This market looks like it’s ready to gain even though we see quite a bit of noise between current levels and the 100 mark.
One of the biggest things that point to higher markets in this currency pair is the hammer that form for the week, and more importantly the fact that the USD/JPY pair also looks like it’s ready to go to the upside to as it formed a second hammer on the weekly chart in a row on massive support just above the 78 handle.
Would in this chart, we think that a move to the 101 handle could be possible, but of course you’re going to have to once the shorter time frames such as the daily chart in order to see any signs of massive resistance. As for selling, we wouldn’t do so until we break the bottom of last week’s candle, somewhere near the 94 handle. On a break of the top of this past week’s range, we think this pair goes higher.
Click here a current EUR/JPY Chart.
Originally posted here
