EUR/JPY Forecast October 31, 2016, Technical Analysis

The EUR/JPY pair broke higher during the course of the session on Friday, as we continue to see quite a bit of bullish pressure. Ultimately, looks as if we’re going to try to reach towards the 160 level where I expect to see quite a bit of resistance. On top of that, the market is a bit overextended, so having said that it’s very likely that the sellers will return, or at least the exhaustion will return to keep this market within the consolidation area that we’ve seen recently. Alternately though, if we break above the 116.50 level I would suspect that the market would go much higher.