EUR/JPY Forecast November 16, 2016, Technical Analysis

The EUR/JPY pair initially dipped a little bit lower at the open on Tuesday but found enough support at the 116 level to find buyers yet again. The 117 level above was targeted, and it now looks as if we are going to continue to grind towards the 118 handle above. Short-term pullbacks continue to offer buying opportunities, so therefore I like the idea of buying on the dips. I have no interest in selling, as the Japanese yen is massively negative at the moment, and even though I’m not necessarily excited about the Euro, the reality is that the yen weakness is even worse.

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