EUR/JPY Forecast February 3, 2016, Technical Analysis

The EUR/JPY pair fell during the day on Tuesday, as the Euro lost a bit of strength in general. We still believe that there is a lot of support below though, especially near the 130 handle. Because of this, we think it’s only a matter of time before the buyers step back into this place, and a supportive candle would be reason enough to start going long. Because of that, we are simply going to wait to see whether or not the market gives us the reaction that we would need in order to start buying again.