This is an area that will be somewhat difficult to break above, but I think we would have to pay very close attention to the market if we get anywhere near it.
Just Below Current LevelsUnderneath, we have the 155 yen level as a floor. As we are basically in the middle of this, it makes quite a bit of sense that we see a lot of volatility here. The size of the candlestick is something worth paying close attention to as it does say that there’s alert into the euro against the yen or maybe a better way to put it is money’s just leaving Japan.(Click on image to enlarge)Either way , and we have just formed a massive triple bottom so I do think we will probably turn things around. Again, while I don’t like the euro, I really don’t like the yen and therefore this is a battle of two very weak currencies although obviously, Europe is in better shape than Japan is, as the Japanese economy is crushed under the weight of debt and higher interest rates in that country would just wipe out economic progress. So, with all that being said, I think this remains a buy on the dip market, albeit probably not my favorite yen related pair.More By This Author:Pairs In Focus – Sunday, Dec. 15ETH/USD Forecast: Can ETH Break $4,000?BTC/USD Forex Signal: Eyes $106K Amid Recovery
EUR/JPY Forecast: Euro Rallies Against The Yen
