EUR/JPY Forecast May 31, 2016, Technical Analysis

The EUR/JPY pair broke higher during the course of the day on Monday, as it looks like we are trying to test the massive resistance near the 124.50 level. With this being the case, we could have a short-term move higher but with this being the case and with it being so close, I would highly emphasize the phrase “short-term.” Pullbacks at this point in time could be bought though, as they show signs of support or bouncing. A break above the 124.50 level has the market testing the 125 handle, and if we can get above there, the market could go much higher.