EUR/JPY Forecast November 2, 2016, Technical Analysis

The EUR/JPY pair rallied during the day on Tuesday, as we continue to grind towards the 116 level above. That is an area that has been massively resistive in the past, so would not be surprising at all to see sellers come back into this market. On the other hand, if we can break above that level it would be a very bullish sign. I will wait until the end of the day today to decide, but based upon an exhaustive candle, I assume that the market continues the consolidation and therefore I can sell. On the other hand, if we break above the 116 level on a daily close, this is a market that should continue to go higher.