EUR/JPY Forecast August 13, 2015, Technical Analysis

The EUR/JPY pair went back and forth during the course of the session on Wednesday, as we initially fell but found support near the 138 handle. By doing so, we ended up forming a bit of a hammer, and it looks like the market is ready to continue grinding higher. We believe that the EUR/JPY pair is going to try to target the 140 level, which is a massively resistive barrier. We have no interest in selling, because we see far too much in the way of support below. With this, we are bullish but also recognize that there is a lot of noise above.