EUR/JPY Forecast February 15, 2016, Technical Analysis

The EUR/JPY pair initially fell during the course of the session on Friday, but found enough support to turn things back around and form a hammer. This happened on Thursday as well, so having said that it looks like the market is starting to find quite a bit of support in this area. We could bounce and reach towards the 130 level, which is a resistance barrier as far as we can see. Either way, we think that this market is a short-term buying, but long-term sell. On the other hand, if we break down below the bottom of the hammer, we can most certainly start selling than.

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