EUR/JPY Forecast January 10, 2017, Technical Analysis

The EUR/JPY pair fell on Monday, as we continue to see consolidation in the market. I believe that the buyers are below and waiting, so on signs of support and bouncing I am comfortable going long. Ultimately, this is a market that should continue to show favoritism to the upside, and pullbacks will end up being looked upon as value. I still have a target of 125, and believe that the 121.50 level is currently acting as support. Ultimately, the absolute “floor” in the market is the 120 handle underneath which has been so resistive in the past.