EUR/JPY Forecast June 14, 2016, Technical Analysis

The EUR/JPY pair went back and forth during the course of the day on Monday, bouncing back and forth but found the 120 level to be far too resistive. That being the case, looks as if the sellers are still very much in control, and they of course have a 50 day exponential moving average above offering quite a bit of resistance as well. With that being the case, I believe that any rally at this point in time will be sold off, just as a break down below the bottom of the range for the day will be.