EUR/JPY Forecast December 9, 2016, Technical Analysis

The EUR/JPY pair initially tried to rally during the day on Thursday but found the area above the be far too resistive as the market turned back around. This had a lot to do with the ECB suggesting that quantitative easing was going to run another 9 months beyond the March 2017 deadline. Because of this, the Euro fell apart. However, I see quite a bit of support at the 120 level so I feel it’s only matter of time for the buyers get involved, because quite frankly the world has been focusing more on Japanese yen weakness than anything else.