EUR/JPY Forecast January 12, 2017, Technical Analysis

The EUR/JPY pair initially tried to rally on Wednesday, but found a little bit of resistance above. Because of this, we ended up turning around and forming a bit of a shooting star like candle, and this suggests that we are trying to break down. However, I see nothing but support all the way down to the 120 handle, so it’s only a matter time before the buyers get involved. With this, I am willing to buy supportive candles as they appear. Ultimately, I believe that we break out to the upside and reach towards the 125 handle.