EUR/JPY Forecast August 9, 2016, Technical Analysis

The EUR/JPY pair rallied during the session on Monday, but in the end we are still very much in a down trend. This is a market that is very risk sensitive, so any nervousness in the markets overall will turn this pair right back around. The 115 level above is resistive, so I think that sooner or later we will find a selling opportunity based upon a resistive candle. However, the market should be volatile, as we have a lot of moving pieces at this point in time. The market remains bearish overall.

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