EUR/JPY Forecast January 20, 2017, Technical Analysis

The EUR/JPY pair broke out above the previous candle during the session on Thursday, showing quite a bit of bullish pressure. I believe that the market is going to turn around and trying to reach towards the 124 handle, and perhaps even higher than that. Pullbacks should continue to offer buying opportunities and I believe that there is a massive amount of support down at the 120 handle. Because of this, I believe that the market will continue the uptrend  that we have seen over the last several months. Ultimately, this pair is about the Japanese yen, not the Euro.

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