EUR/JPY Forecast February 18, 2016, Technical Analysis

The EUR/JPY pair bounced slightly during the course of the session on Wednesday, as the 127 level continues to offer quite a bit of support. With this being the case, we feel that the market will more than likely grind its way a bit higher from here, and we most certainly favor the upside. However, keep in mind that the key word is going to be “grind”, and therefore you cannot expect explosive moves at this point. We believe that the 130 level above is without a doubt the ceiling in the market, so we are looking at short-term buying opportunities only.