EUR/JPY Forecast September 5, 2016, Technical Analysis

The EUR/JPY pair initially tried to rally during the day on Friday, but then turned around to give up about half of the candle. Having said that, I do think that we are going to continue to rally at this point, but I do believe that the 117.50 level could be massively resistive. I think short-term buying opportunity may present themselves as long as we can stay above the 115 handle, but a significant move down below there could be a very negative sign it would have sellers entering this market yet again.

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