EUR/JPY Forecast November 3, 2016, Technical Analysis

The EUR/JPY pair initially fell on Wednesday, but turned around to form a bit of a hammer. There is a lot of noise above though, so having said that I’m not ready to start buying quite yet. It’s not until we break above the 160 level that I feel comfortable going long. Alternately, if we can break down below the bottom of the hammer from the session on Wednesday, I feel that the market will probably try to break down to the 113 level at that point in time. Regardless, expect a lot of volatility.