EUR/JPY Forecast November 17, 2016, Technical Analysis

The EUR/JPY pair initially rallied on Wednesday, but turned around to form a negative candle. I still think that the 160 level is going to be important, so if we can find some type of supportive candle at that area, it is very likely that the market should continue to go higher based upon the recent breakout. Alternately, if we can break above the top of the candle during the session on Wednesday, that is reason to go long as well. I have no interest in shorting this market as the breakout was significant.