EUR/JPY Forecast January 29, 2016, Technical Analysis

The EUR/JPY pair rose during the course of the session on Thursday, testing the 130 handle. Now that we are starting to break above there, we believe that a break above the top of the range for the Thursday session is reason enough to start buying again. On the other hand, if we can break down below the 129 level, we would be sellers again, as the market would have shown a significant amount resistance by doing that. At this point in time though, it does look like the buyers are starting to take control of this pair yet again.