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  • EUR/JPY Rallies to 104.00, Look for Rollover

    From dailyforextradingedge.com

    Read Full Story at dailyforextradingedge.com

    In an overall choppy market I will look for prior resistance levels (after a rally) for where the bears will step in to take advantage of possible exhaustion. I’m sure plenty of bears looked for the EUR/JPY to sink back through 102.00 (it couldn’t) and now with 104.00 acting as near-term term resistance, bears will once again look for the pair to sink lower through 103.50. I will explain which time frame to watch now… The EUR/JPY has continued to rally higher - driven by yen weakness - for a second straight session. Since this pair has not Directional Bias I continue to be hesitant to commit to trades ... (full story)

    • billv

      712 posts
    • I guess Japan is trying to avoid a recession, so perhaps the yen will stay weak for now but central banks are now fighting each other trying to keep their currency lower than everyone else's. When is this intervention going to stop?

    • jegas

      160 posts
    • ya,its happen if the rally continues,today also it will reached 104.43 sure !

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  • Posted: Nov 15, 2012 4:30pm

    Submitted by: Raghee Horner

    Category: Technical Analysis

  • 1,055 Views

  • 2 Comments

    billv, jegas