EUR/JPY Forecast December 13, 2016, Technical Analysis

The EUR/JPY pair rallied during the session on Monday, as we continue to see the Japanese yen selloff. Because of this, the market looks as if it is ready to reach higher. I believe now that the 120 level is essentially the “floor” in this market. Ultimately, this is a market that has a very strong uptrend, but may need to pull back from time to time in order to pick up enough momentum to continue going higher. Right now, I believe that the market will reach towards the 125 handle above.