EUR/JPY Forecast December 1, 2016, Technical Analysis

The EUR/JPY pair broke higher during the course of the session on Wednesday, finally overcoming the 120 handle. This is a bullish sign, as the Japanese yen continues to be sold off against most currencies. Ultimately, I believe that we continue to retire but a pullback is probably which are going to need in order to get involved. I believe that the 120 level will offer support now, and that support probably extends all the way down to the 118.50 level. I have no interest in selling, and believe that we will continue to see quite a bit of bullish pressure.