EUR/JPY Forecast July 28, 2016, Technical Analysis

EUR/JPY pair initially rallied during the course of the session on Wednesday, but turned around and gave about half of the gains up. With this, it looks like we are to continue to bang around but I think that the 115 level will continue to offer fairly hard floor in this market for the time being. I think short-term pullbacks are buying opportunities, as the floor has been fairly stable lately. Also, you have to keep in mind that the Bank of Japan continues to threaten to get involved if this market falls apart too far.