EUR/JPY Forecast December 7, 2016, got technical Analysis

The EUR/JPY pair initially rallied on Tuesday but turned around to form a shooting star. I believe that the market is a bit overdone, and because of this we need to find buyers below to turn things back around and continue the uptrend. I think that the 120 level is essentially the “floor” in this market, so if we can pull back and find buyers in that area, I would be quick to go long. I have no interest in shorting, because I recognize that the Japanese yen itself is massively negative.