EUR/JPY Forecast August 1, 2016, Technical Analysis

The EUR/JPY pair initially tried to rally during the course of the session on Friday, but then sliced down below the 115 level. With this being the case, the market looks as if it is trying to break down, but there is a lot of noise just below. I believe that any rally at this point in time should be a nice selling opportunity on signs of exhaustion. Ultimately, this is a market that should try to reach down to the 110 level over the longer term, unless of course the Bank of Japan gets involved.