EUR/JPY Forecast June 7, 2016, Technical Analysis

The EUR/JPY pair formed a very positive candle during the course of the day on Monday, as the 122 level is now being tested. Ultimately, some type of exhaustive candle would be reason enough to start selling, and probably the easiest trade to take. In fact, I don’t have any situation where I want to buy this pair unless we form a longer-term bullish signal, which hasn’t happened quite yet. At this point in time, we do not have the exhaustive candle I want to see in order to start selling, so I’m on the sidelines.