EUR/JPY Forecast October 18, 2016, Technical Analysis

The EUR/JPY pair rose a bit during the course of the day on Monday, reaching towards the 114.50 level above, where we pulled back slightly. Ultimately, this market looks as if it will probably try to reach towards the 116 level above, which has been the ceiling. The 140 level below seems to be rather supportive, so at this point in time I’m leaning towards buying, but I do recognize that it isn’t necessarily going to be a straight shot higher in this market as volatility continues to increase overall due to the softness of the Euro, and of course the Bank of Japan is watching.