EUR/JPY Forecast February 9, 2016, Technical Analysis

The EUR/JPY pair broke down during the day on Monday, slicing well below the 130 level. However, we did find a bit of support at the 128.50 level, and that of course is a bit of a psychological support level. Ultimately, we believe that this balance represents what could be an attempt to break back over the 130 handle. If we have that happen, we feel the buyers will continue to get in this market and try to push higher as we could reach towards the 132.50 level given enough time. We don’t really have much in selling at the moment.