EUR/JPY Forecast August 18, 2015, Technical Analysis

The EUR/JPY pair went back and forth during the course of the session on Monday, ultimately forming a relatively negative looking shooting star. However, we see a significant amount of support just below, so at this point in time we are buyers of any type of supportive action, as we believe that the market is still going to try to head towards the 140 handle. We have no interest in selling, but are simply far too much in the way of noise just below. With that, we are bullish but cautious in this market.