EUR/JPY Forecast October 27, 2016, Technical Analysis

The EUR/JPY pair rallied during the course of the day on Wednesday, breaking above the top of the shooting star from the Tuesday session. I believe that sooner or later the sellers will return, but if we can break above the top of the range for the Wednesday session, we could continue to grind towards the 115.50 level above. I would not be interested in holding onto the trade much longer than that though, because we have seen so much in the way of resistance of the 116 handle. Expect choppy conditions.