EUR/JPY Forecast December 20, 2016, Technical Analysis

The EUR/JPY pair broke down on Monday, as we peaked below the 122 handle. I think at this point in time we may continue to see a little bit of bearish pressure, in order to find a bit of momentum building pressure. I think that the 120 level below is essentially the “floor” currently, and this should send the EUR/JPY pair higher over the longer term. I still have a target of 125, and believe that this is simply the market take a bit of a breather overall. I have no interest in selling although I do suspect that we go lower before we go higher.