EUR/JPY Forecast November 15, 2016, Technical Analysis

The EUR/JPY pair continues to try to break above the 116 handle, but also continues to run into massive amounts of resistance. Because of this, I need to see a “higher high” in order to go long again. Once we do, I feel that the market will probably reach towards the 118 handle. One of the biggest problems in this pair is that the Euro is falling apart against the United States dollar. This puts bearish pressure on the Euro in general, so while the rest of the currency markets seem to be showing strength against the Japanese yen, the Euro just sits here.