EUR/JPY Forecast September 29, 2016, Technical Analysis

The EUR/JPY pair initially tried to rally during the day on Wednesday, but turned right back around to form a shooting star. The shooting star is near the bottom of the overall trading range that we have been in, so having said that I feel that a break down below the 112 level would send this market much lower, perhaps down to the 110 level. I believe that rallies should be sold on signs of exhaustion as we are most certainly in a longer-term negative move, and therefore I have no interest in buying this market.

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