EUR/JPY Forecast November 29, 2016, Technical Analysis

The EUR/JPY pair fell significantly during the day on Monday, as we tested the 119 level. I think the market has plenty of support below though, so having said that I think that it’s only matter time before buyers get involved and for some type of supportive candle to form. Once that happens, I’m comfortable going long but this is a pullback that has been needed for some time. This is especially true considering that the Euro itself is fairly weak. I recognize that the Japanese yen is being sold off around the world, and that isn’t going to be any different here but the Euro keeps this pair from rising drastically in relation to other yen related markets. Nonetheless, on the sidelines and waiting for a buying opportunity at lower levels.