EUR/JPY Forecast January 17, 2017, Technical Analysis

The EUR/JPY pair gap lower at the open on Monday, turned back around to fill the gap, and then rolled over to form a negative candle. The 120 level below should offer quite a bit of support though, so I’m waiting to see whether we get a bounce from there. If we do, I’m willing to go long as this pair has been so well supported. Ultimately, I don’t like selling until we can break down below the 120 level with some significance. It’s not that I like the Euro, it’s just that the Japanese yen has been sold off so drastically.