By FXEmpire.com
The EUR/JPY pair rose during the session on Monday as a bit of profit taking may have been involved. There were no positive announcements coming out of Europe, however there really weren’t many negative ones either in this could’ve been the catalyst for a slight bounce.
We still see this pair as being broke down below the consolidation area that had kept everything in check over the last month and a half or so. In reality, we think that the 99 level will have to be tested for resistance in order for the shorts to come back into this market. As that is the case, we are not willing to take a position now, but would more than willingly do so on a week daily candle just above where we are presently. If we do manage to blow through the 0.99 level on a daily close, we are more than willing to buy and hold until we see 101 or so.
Click here to read EUR/JPY Technical Analysis.
Originally posted here
