EUR/JPY Forecast November 21, 2016, Technical Analysis

The EUR/JPY pair went back and forth on Friday as the volatility continues. The 170 level seems to be attractive to the market, and as a result it doesn’t surprise me that we go sideways from here. However, if we pullback I think there’s plenty of support at the 116 level underneath that could cause a bit of a bounce. Ultimately, that is a move that should then reach towards the 118 handle. In general, the Japanese yen looks very soft, so given enough time I think that we continue to see buyers enter.