EUR/JPY Forecast October 9, 2014, Technical Analysis

The EUR/JPY pair initially fell during the course of the day on Wednesday, but found enough support below to turn things back around and head towards the 138 level. The 138 level of course offered resistance as we expected it would do, but ultimately we need to get above there in order to start buying. If we do get that, we think that this market probably goes to the 140 handle, and possibly even higher than that given enough time. We’re not big fans of the Euro right now, but the truth of the matter is that the Japanese yen continues to struggle overall.