EUR/JPY Forecast November 3, 2015, Technical Analysis

The EUR/JPY pair rose slightly during the course of the session on Monday, but continues to struggle near the 133 handle. With this, although we could go higher, we quite frankly don’t have any real interest in buying at this point. We recognize that there is a significant amount of downward pressure, so therefore we could find ourselves heading back to the 131.50 level, but recognize that this is going to be more or less a short-term type of trading opportunity as well, thereby having us think of that it is probably best to stay on the sidelines.