By FXEmpire.com
The EUR/JPY pair had a bullish week as the speculation of the ECB action reached fever pitch towards the end of the Friday session. However, it should be said that quite a bit was sold off in the final hours, and this formed a shooting star on the daily charts. This suggests to us that we will more than likely see this pair head lower by the end of this coming week.
We think that a break lower will more than likely just signify further consolidation, and not necessarily a meltdown. Because of this, we don’t really see a trading opportunity in this market as a long-term trader. However, if you’re so inclined to trade shorter time frames, we think there is plenty of opportunity in this market.
Click here a current EUR/JPY Chart.
Originally posted here
