EUR/JPY Forecast October 7, 2016, Technical Analysis

The EUR/JPY pair went back and forth during the course of the day on Thursday, slamming into the 160 level. I feel that this market is a bit overextended at this point in time, and as a result I would anticipate that we will get some type of pullback. At this point, I think that any pullback that show signs of support will be a reason to go long, but I also have to recognize that a break above the top of the range for the session on Thursday would be a reason to go long as well. I have no interest whatsoever in selling.

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