EUR/JPY Forecast January 16, 2017, Technical Analysis

The EUR/JPY pair rose on Friday, breaking the top of the hammer from Thursday. This is a bullish sign, and I now believe that were going to continue to consolidate the same way we have for several weeks. Because of this, on a buyer and I believe that the market will reach towards the 123.50 level above. Even if we were to break down from here, I believe that the 120 level is a floor in the market, and thereby I have no interest in selling anytime soon. It’s not that I like the Euro, it’s that the Japanese yen is so soft.