EUR/JPY Forecast November 23, 2015, Technical Analysis

The EUR/JPY pair broke down during the course of the session on Friday, testing the 130.50 level yet again. We believe that there is a massive amount of support down at the 130 handle though, so at this point in time even though it looks like this market is ready to continue falling, we are not comfortable selling. If we break down below the 130 handle, we are much more comfortable then. We do like selling short-term rallies that show signs of exhaustion as well, as a result of the longer-term downtrend.