EUR/JPY Forecast October 16, 2014, Technical Analysis

The EUR/JPY pair fell initially during the course of the day on Wednesday, but found enough support at the 135 level to turn things back around and form a hammer. That being the case, the hammer suggests that perhaps the market will get a bit of a bounce from here, and with that we believe that the market could head back towards the 138 level given enough time. We expect this market to be choppy between here and there though, so we do not anticipate that is going to be easy to hang onto. Ultimately though, we believe that the market will reach that level.