EUR/JPY Forecast October 13, 2016, Technical Analysis

The EUR/JPY pair bounced a bit during the day on Wednesday, using the 114 level as support. As we reach higher, I feel that the market will find quite a bit of resistance of the 160 level, so more than likely we need to have a short-term pullback in order to start buying yet again. With that being the case, I’m probably sit on the sidelines when it comes to this market, but I do recognize that have we get above the 116 level, that’s extraordinarily bullish and I would have to start buying at that point.