EUR/JPY Forecast October 6, 2016, Technical Analysis

The EUR/JPY pair rose rather drastically during the course of the session on Wednesday, breaking towards the 116 handle. However, I feel that this market is a bit overextended at the moment so a pullback is more than likely going to happen. I’m not willing to go long at this point, I feel that it would be essentially “chasing the trade.” I have no interest in selling though, the impulsive move recently has been a bit too much for me to try to go against as this market has been so bullish.

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