EUR/JPY Forecast December 30, 2016, Technical Analysis

The EUR/JPY pair fell on Thursday initially, but found enough support underneath to turn things around and form a hammer based upon the 122 handle. Because of this, the market should continue to go higher, perhaps reaching towards the 125 level. Even if we breakdown from here, I still see quite a bit of support all the way down to the 120 handle. Ultimately, this is a market that has plenty of bullish pressure underneath, so I have no interest in selling whatsoever. Although the EUR is a currency that I don’t like, the reality is that the Japanese Yen is selling off against almost everything.