EUR/JPY Forecast November 1, 2016, Technical Analysis

The EUR/JPY pair rallied slightly on Monday, but at this point in time it looks as if the market is going to try to reach towards the 116 handle. That area should be rather resistive, and with that being the case I think that the sellers will reenter this market given enough time. We should continue to consolidate as far as I see, and it’s not until we break above the 116.50 level that I would be comfortable buying. Keep in mind that this pair does tend to be very risk sensitive, so as stock markets around the world start taking off to the upside, that could provide enough of a boost to go higher.

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