EUR/JPY weekly chart, October 17, 2016

EUR/JPY forecast for the week of October 17, 2016, Technical Analysis

The EUR/JPY pair fell from the 160 level during the course of the week to form a slightly negative candle. However, I do believe that the markets below have plenty of support, and therefore I think we will continue to grind sideways overall. This is probably going to be a very choppy market, so therefore it’s going to be almost impossible to trade from a longer-term perspective at the moment. I believe that short-term back and forth type of trading will probably continue to be the way forward, so having said that it’s likely that longer-term trades are all but impossible.