EUR/JPY Forecast January 5, 2017, Technical Analysis

The EUR/JPY pair had a slightly positive session on Wednesday, as we continue to consolidate near the 123 level. At the moment, it appears that the market is simply content and relaxed in this general vicinity, meaning that trading this pair is going to be something that scalpers do, and swing traders or even long-term traders will be interested in. I think pullbacks offer value for the longer-term trader though, but they need to be a little bit more significant than we are seeing currently. I think that the 120 level below is the floor.