EUR/JPY Forecast December 19, 2016, Technical Analysis

The EUR/JPY pair had a slightly negative session on Friday as it looks likely to pull back from here. I think there is more than enough support below to keep this market going higher though, so I’m looking for a pullback as a potential value play. I have no interest in shorting this market, not necessarily because I like the Euro, but mainly because the Japanese yen is being sold over the world hand over fist at this point. I think the 120 level is essentially the “floor” in this market, just as I believe we are trying to reach the 125 level to the upside.