EUR/JPY Forecast January 27, 2016, Technical Analysis

The EUR/JPY pair initially fell during the day on Tuesday, but bounced enough to form a slightly positive candle. Ultimately, it looks as if this market is going to rally but there is quite a bit of noise between here and the 130 level. Short-term traders may be able to buy on a break above recent trading, but longer-term traders won’t have any interest whatsoever in trading until we clear the 130 barrier. As far selling is concerned, we don’t really have any interest as the market has been so well supported recently.