EUR/JPY Forecast February 2, 2017, Technical Analysis

The EUR/JPY pair initially rally during the day on Wednesday, but found enough resistance above the turn things around and form a less than stellar candle. Because of this, I think that the market will reach towards the 125 handle over the longer term, but we may have a lot of volatility between now and then. The 125-level underneath is massively supportive, and I think that support extends all the way down to the 120 handle. Were in a longer-term uptrend, and that has not changed although we have been consolidating. I only by this pair.

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