EUR/JPY Forecast October 14, 2016, Technical Analysis

The EUR/JPY pair initially tried to rally during the course of them Thursday but then fell rather significantly. However, we found the 114 level below to be supportive enough to turn things around and cause a bit of a hammer. With that being the case, looks as if we’re going to grind towards the 115 level and then perhaps even the 160 level after that. I’m not interested in selling at the moment, and recognize that sooner or later the buyers should return. A break down below the bottom of the candle for the session on Friday could change my mind about selling though.