EUR/JPY Forecast August 11, 2016, Technical Analysis

The EUR/JPY pair initially fell during the course of the day on Wednesday, but bounced enough to form a hammer. The hammer of course is a bullish sign, so having said that it’s likely that the market could bounce from here but I still believe that there is a massive amount of resistance at the 115 level. A break down below the bottom of the hammer sends this market looking for the 111 level as far as I can see. Ultimately, this is a market that will continue to be very choppy, see you will have to be able to deal with the volatility.

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