EUR/JPY Forecast February 11, 2016, Technical Analysis

The EUR/JPY pair initially tried to rally during the day on Wednesday, but turned back around to form a rather negative candle. By doing so, the market broke down to the 128 level and as a result it appears that the markets are going to try to test significant support down here. Ultimately, we need to see some type of supportive candle in order to start buying though, and we feel that it’s a little bit too late to start selling at this point in time. Ultimately, we are simply waiting for more clarity.