EUR/JPY Forecast October 20, 2016, Technical Analysis

The EUR/JPY pair fell significantly during the day on Wednesday as we continue to grind down to the 112 level. Short-term rallies should continue to be a nice selling opportunity, as I recognize the 160 level above continues to be the “ceiling” in this market. Ultimately, I think we sell and sell again, and I have no interest in buying this particular market, even though I anticipate that the 112 level could cause a little bit of a bounce. A break down below there of course could accelerate the downward pressure going forward.