EUR/JPY Forecast October 19, 2016, Technical Analysis

The EUR/JPY pair initially tried to rally during the course of the day on Tuesday, but turned around to form a slightly negative candle. I see quite a bit of support at the 114 level below though, so I think that breaking down from here might be a little bit of a struggle. If we can break above the top of the shooting star, that would be a very bullish sign and it would be much more comfortable buying that. With this, I will probably simply stand on the sidelines as there will be easier markets to trade.