EUR/JPY Forecast November 8, 2016, Technical Analysis

The EUR/JPY pair fell slightly during the day on Monday, as the 116 level offered too much resistance. This is the top of the recent consolidation area, so having said that it’s not much of a surprise. Think of pullback is expected, and a break down below the bottom of the candle could send this market looking for the 114.50 level below. In fact, we could go much lower than that, as it would be a simple continuation of the consolidation that we had been in. On the other hand, we can break above the 160 level which would be a strong buy signal.