EUR/JPY Forecast May 26, 2016, Technical Analysis

The EUR/JPY pair broke higher during the day on Wednesday, breaking above the top of the hammer from the Tuesday session. This is a bullish sign, but there is so much in the way of noise just above, but we think this is a simple bounce that only short-term traders will be interested in. We think that the 124 region begins a significant amount of resistance, and with that being the case it’s likely that the market will be a market that’s attractive to scalpers only. We will continue to look for a little bit more reliable trading action to base a decision on.