EUR/JPY Forecast August 28, 2015, Technical Analysis

The EUR/JPY pair fell during the course of the session on Thursday, testing the 135 level. With this being the case, the market turned back around to bounce and form a hammer. The hammer of course is a very bullish sign, and if we can break above the top of that, we would of course be buyers. This is a market that has plenty of resistance above at the 140 level though, but it should be said that the 135 level is massively supportive. We think that this market should continue to consolidate overall, meaning that we should bounce from here.