EUR/JPY Forecast July 19, 2016, Technical Analysis

The EUR/JPY pair rose slightly during the course of the session here on Monday, as we continue to see bullish pressure. This is mainly due to the Bank of Japan being present in the minds of traders. However, I see a lot of noise between here and the 120 level, so more than likely it should be an exhaustive move just waiting to happen. An exhaustive candle would be a nice selling opportunity but if we do break above the 120 level, this is an extraordinarily strong move. At this point, even though it does look positive in the short-term, I’m a bit hesitant to buy this market.