EUR/JPY Forecast March 3, 2016, Technical Analysis

The EUR/JPY pair initially tried to rally during the course of the day on Wednesday, but turned back around to form a shooting star. The shooting star of course isn’t a great sign, so at this point in time we feel that the market will probably pull back towards the 122 handle. Ultimately, this is a market that should continue to consolidate in general, meaning that short-term trades are probably about as good as it will get at this point in time. If we did break above the 125 handle, we would be buyers at that point in time as it would show a significant bullish move.