EUR/JPY daily chart, October 12, 2016

EUR/JPY Forecast October 12, 2016, Technical Analysis

The EUR/JPY pair initially tried to rally during the day on Tuesday, but then turn right back around to form a very negative candle. This negative candle suggests that we are going to go lower, and therefore I believe that the sellers are getting continue to return to this market time and time again. I think short-term rallies will offer exhaustive candles that we can then sell, as the market looks like it’s ready to reach down to the 112 level below. I have no interest in buying at this point in time.