EUR/JPY forecast for the week of July 18, 2016, Technical Analysis

The EUR/JPY pair broke higher during the course of the week, slicing through the 115 level like it wasn’t even there. However, on the Friday session we did up forming a shooting star so I think we are getting ready to run into a bit of trouble here. I would love to see an exhaustive candle in order to start selling, but I may not get it on the longer-term charts and have to wait until it shows itself on the daily charts or even below. As we’ve already had it, I think we are going to continue going lower but recognize that the 120 level is essentially the “ceiling.”