EUR/JPY Forecast November 23, 2016, Technical Analysis

The EUR/JPY pair fell initially on Tuesday but turned around to form a hammer. The Japanese yen continues to sell off against most currencies around the world, and this of course is going to transfer over into this market. Although I don’t like the Euro, the Japanese yen is even softer so it makes sense that we would continue to go higher over the longer term. At this point, I think the market is a little overbought so we are due for a pullback. That pullback should eventually offer a supportive candle, signaling value.