EUR/JPY Forecast January 9, 2017, Technical Analysis

The EUR/JPY pair rallied on Friday, showing signs of resiliency yet again. This is a market that continues to show quite a bit of choppiness, but I think this consolidation is only the market waiting to build up enough momentum to continue to the upside. Pullbacks offer buying opportunities, as I believe the Japanese yen will continue to sell off. I see a hard floor in the market at the 120 handle. I believe that the market is going to try to reach towards the 125 handle relatively soon, but obviously, momentum building is the order right now.