Watch the latest analysis of the EUR/USD, EUR/JPY Forex pairs for the January 27th in this video. EUR/USD — We had a little bit of a breakout from the resistance zone marked as seen on the daily chart. We encounterd resistance at 1.32 level and formed a shooting star on the daily chart. On the break of the bottom of the Thursday session we would expect this pair to fall to the bottom of the resistance at 1.29 level. The break of the Thursday lows does setup at the least a nice little short term drop. The trend is down and on break of the lows, we will be selling this pair The break of the highs is seen as bullish. However break of the lows looks more likely. EUR/JPY — This pair popped for a couple of sessions in a row and broken through the 100.00 level. However it has turned around as we got close to the 102.00 area, which of course has been a bit of resistance in the recent past. The Yen turned around against other currencies on Thursday. A break of the bottom of the candle from Thursday is seen as a retest of the 100.00 level before going higher. A break of the highs of this candle from Thursday session clears the 102.00 level and running into signficant resistance at 104.00 and 105.00 levels.

Posted on Forex Video Zone.