Oct 08, 2015 18:00 AM (GMT 3)
The EUR/JPY pair has been ranging between the levels of 135.59 and 134.64, since the 5th of October 2015.
The currency pair initially declined during the course of the day on Wednesday, trying to test the resistance level at 135.26. This movement created a hammer formation, which is considered a bullish pattern. In this case, where the buyers manage to exert stronger upward pressures, the pair could rise up to 145.37 and 135.70 respectively.
Conversely, in the scenario where they find the 135.26 level to be too resistive, the pair could pull back. If the sellers manage to gain momentum and force the price to break below 134.79, the pair could decelerate down to 134.38.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.