EUR/JPY Forecast January 27, 2017, Technical Analysis

The EUR/JPY pair rally during the day on Thursday, showing signs of life. I still think there is a significant amount of noise above, so pullbacks will more than likely be buying opportunities more than anything else. I don’t think that selling is going to be easy to do at the moment, and I believe that there is a “floor” at the 120-handle underneath. Ultimately, I believe that the Japanese yen continues to sell off, and that the pair should follow the rest of the young related pairs to the upside going forward.