EUR/JPY Forecast December 29, 2016, Technical Analysis

The EUR/JPY pair initially tried rallying during the session on Wednesday, but failed and turned right back around to form a negative candle. Ultimately, I see quite a bit of support just below and extending all the way down to the 120 handle, so I am a buyer on signs of support. This pullback is going to be needed to continue the uptrend anyway, so having said that I actually look at this as a potential buying opportunity. I still believe that we are going to reach towards the 125 handle given enough time.