By FXEmpire.com
The EUR/JPY pair rose during the Friday session in order to break the 101 level. The candle from Thursday is a shooting star, and is based right at the 50% Fibonacci retracement level. Because of this, we think a break above Thursday’s highs would be an excellent buy signal. However, we don’t like buying the euro in general. We suspect that this has more to do with the Japanese yen than anything else. There is a meeting in Europe late this week that could move the euro in general. If the leaders in Europe managed to come up with something substantive, there is a possibility that this pair moves higher. Because of this, we have to respect a break above the 102 level.
Click here to read EUR/JPY Technical Analysis.
Originally posted here
