EUR/JPY Forecast February 1, 2016, Technical Analysis

The EUR/JPY pair rallied during the session on Friday but turned back around to form a shooting star. Because of this, we feel that the market will probably try to pull back and look for buyers at lower levels, but eventually should bounce as the Bank of Japan has suggested more quantitative easing is on the way. The markets look like they are ready to go higher, but we just simply need to build up enough momentum. We have no interest in selling at this point in time as the Bank of Japan has made its intentions clear.