EUR/JPY Forecast October 5, 2016, Technical Analysis

The EUR/JPY pair broke higher during the course of the session on Tuesday, as we are now testing the 115 region. The candle is fairly bullish, and we broke above the top of the hammer from the previous day, so it does suggest to me that we will see a bit of follow-through. I don’t that’s silly think we are going to break out above the 116.50 level which I see as the absolute “ceiling” at the moment, but I think that short-term bullish pressure will probably continue in this market to short-term traders will be buyers.

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