EUR/JPY Forecast January 3, 2017, Technical Analysis

The EUR/JPY pair rallied initially on Friday, but turned around to form a reasonably exhaustive candle. I think this means that we are just not ready to break out to the upside and therefore will continue to consolidate in this general vicinity. I think there is plenty of support below to keep the market afloat though, and that the absolute “floor” in this market is somewhere closer to the 120 handle. I still have a target for 125, and then of course higher levels than that over longer-term moves. I have no interest in selling.

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