EUR/JPY Forecast October 28, 2016, Technical Analysis

The EUR/JPY pair initially fell during the course of the session on Thursday, turning around to form a long green candle. Ultimately, it looks as if the 116 level above will continue to be the “ceiling” in this market, and at this point in time I feel that the market will try to go higher, but there will sooner or later be enough resistance to turn the market back around as we continue to consolidate overall. If we did break above the 116.50 level, at that point we could see a move higher. Until then, I have to assume that the back and forth action continues.