EUR/JPY Forecast January 6, 2017, Technical Analysis

The EUR/JPY pair fell during the session on Thursday, as we continue to consolidate. This is a market that has an upward bias, but needs to pick up a little bit of momentum to continue going higher. On pullbacks, I believe that buyers will return, especially with supportive candles. The market should then reach towards the 125 handle, which will be resistive. Currently, I believe that the 120-level underneath is support. I’m not a big fan of the Euro, but recognize that the Japanese yen is being sold off against almost everything.