EUR/JPY Forecast December 12, 2016, Technical Analysis

The EUR/JPY pair bounced slightly during the course of the session on Friday, but I still believe that we will probably have to test the 120 level for support. The Japanese yen has sold off quite drastically, and as a result I think we will continue to see that be the case, but it has done so quickly and most of its markets that I feel we need to pull back in order to continue the uptrend in all of these pairs, even in the EUR/JPY. I don’t necessarily like buying the Euro, but I think this has more to do with the Japanese yen than anything else.