EUR/JPY Forecast January 28, 2016, Technical Analysis

The EUR/JPY pair broke higher during the day on Wednesday, and now looks ready to reach towards the 130 handle. That area should be rather resistive, but having said that we feel that the market will continue to find buyers on pullbacks. A break above the 130 level would be very bullish though, and would have us buying for more of a longer-term move. We have no interest in selling at the moment, there is far too much in the way of support below as seen over the last several weeks, centered around the 128 handle.