EUR/JPY Forecast August 31, 2016, Technical Analysis

The EUR/JPY pair rose during the day, testing the top of the shooting star from the previous session. I still believe that the 115 level above is going to offer a bit of resistance though, so at this point in time if we get some type of sell off, the market should drop from there and perhaps continue the longer-term downtrend. If we break above the 115 level, we could find ourselves going towards the 117 handle as it would be a very bullish sign at that point. However, I believe that the downward pressure should return.

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