EUR/JPY Forecast November 7, 2016, Technical Analysis

The EUR/JPY pair did very little during the day on Friday as we continue to grind sideways. It looks as if the market is somewhat attracted to the 114.50 level, but I believe that there is a significant amount of resistance above that will keep me from going long when it comes to this pair. If we broke above the 116 handle, I would then go long. A break down below the 114 level could be negative enough to send this market down to the 112 handle. Regardless what happens it looks like it can be very volatile.

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