Forex Technical Analysis, EUR/JPY Daily Forecast June 6, 2016
Technical Analysis – The EUR/JPY pair had a very volatile session during the day on Friday, but broke down below the recent low, so having said that it looks as if we could very well go down to the 120 handle. Any rally at this point in time should find some type of exhaustion that we can start selling, so having said that it’s likely that the market will be a “sell only” type of situation. The Japanese yen continues to strengthen due to quite a bit of uncertainty when it comes to global markets, especially as the jobs number was so bad.
In Other View Point –my idea – fibonacci Inversion trade
Im expecting the price to go up and test 161.8 fibb extension where will also find resistance level (“look left structure leaves clues”) and opportunity to be aggressive and buy now or wait for price to test 161.8 level and then short