EUR/JPY Forecast December 8, 2016, Technical Analysis

The EUR/JPY pair went back and forth during the day on Wednesday, showing quite a bit of exhaustion. I think we will probably pullback at this point, but quite frankly that should end up being a buying opportunity at lower levels on signs of support. I think that the 120 level is massively supportive and essentially the “floor” in this market. With this, some type of supportive bounce should happen, as it would continue the longer-term uptrend in a market that has been so bullish over the last couple of months. I don’t like the Euro, but I recognize that the Japanese yen is selling off rapidly.