EUR/JPY Forecast June 29, 2016, Technical Analysis

The EUR/JPY pair did very little during the day on Tuesday, but it did bounce slightly in order to form a bit of a green candle. At this point in time, I feel that this market is simply doing a bit of a “dead cat bounce”, and as a result have no interest in buying and am going to be on the sidelines waiting for exhaustion in order to start selling yet again. I believe that the 120 level above is the absolute “ceiling” in this market, but I would be very surprised if we made it all the way back to that level.