EUR/JPY Forecast February 29, 2016, Technical Analysis

The EUR/JPY pair initially fell during the course of the day on Friday, but turned back around to form a bit of a hammer. The 125 level above is resistance as far as we can see as it is a large, round, psychologically significant number. If we can break above the 125.50 level, at that point in time we would be willing to start buying. On the other hand, if we break down below the bottom of the hammer for the session on Friday, we would be sellers as that would show a significant amount of bearish pressure.