EUR/JPY Forecast February 1, 2017, Technical Analysis

The EUR/JPY pair went back and forth to form a neutral candle during the Tuesday session. It looks as if there is plenty of support just below though, so I think that given enough time we get more buyers jumping into the market. The 120-level underneath will continue to be a bit of a “floor”, as the market continues to sell off the Japanese yen in general. Reaching towards the 125 level above will be what happens longer-term, but in the meantime, expect quite a bit of volatility in this market as the Euro itself has several issues.