EUR/JPY Forecast January 4, 2017, Technical Analysis

The EUR/JPY pair initially rallied on Tuesday but turned around to form a slightly negative candle. We are currently testing a consolidation area, and I believe there is more than enough support below to keep this market afloat. I’m looking for support of candle, but I don’t have one at the moment so I’m on the sidelines. Ultimately, I believe that we are going to test the 125 handle, but today we just simply don’t have the momentum to go in one direction or the other with any real enthusiasm. I believe that there is massive amounts of support below at the 120 handle.