EUR/JPY Forecast May 25, 2016, Technical Analysis

The EUR/JPY pair initially fell during the course of the day on Tuesday but turned right back around to form a bit of a hammer. The hammer is of course a bullish sign, and as a result it’s likely that the market will try to bounce from here. The Euro had a fairly decent day on Tuesday, so seeing some type of continuation in the bullishness could be a natural conclusion. We break above the top of the hammer; we feel that this market will probably try to reach towards the 124 handle.