EUR/JPY Forecast October 22, 2014, Technical Analysis

The EUR/JPY pair went back and forth during the session on Tuesday, eventually settling on a negative candle. However, we see a significant amount of support at the 135 level so we are not willing to sell this market. We believe that the market should continue to find buyers down there, and therefore we are looking for some type of supportive candle in that region in order to start buying yet again. We think ultimately this market does in fact go higher and head to the 138 level, but it might be a very bumpy ride all the way out.