EUR/JPY Forecast June 21, 2016, Technical Analysis

The EUR/JPY pair initially tried to rally during the day on Monday, but fell significantly as the market continues to see quite a bit of bearish pressure. Remember, the EUR/JPY pair is very sensitive to risk appetite. Ultimately, the market will have quite a bit of support just below though, so at this point in time you have to expect that the market will be volatile, but with a very negative connotation to it. It’s not until we get above the 120 level that I am willing to buy this pair. In the meantime, short-term rallies will continue to be short-term selling opportunities.