EUR/JPY Forecast November 18, 2016, Technical Analysis

The EUR/JPY pair initially tried to rally during the day on Thursday but failed to continue to go higher as we turned around and formed a bit of a shooting star. The 116 level below is massively supportive though, so at this point I don’t think that the market can be shorted even though it does look like we are a bit overbought. Ultimately, I feel that the market continues to go higher over the longer term, but at this point I don’t think we are ready to do it yet due to the volatility.