USD/JPY Price Forecast August 16, 2017, Technical Analysis

USD/JPY daily chart, August 16, 2017

The USD/JPY pair broke out to the upside during the session on Tuesday, slicing through 110 like it wasn’t even there. That is a very bullish sign, and I believe that we could continue to see some type of continuation. However, the pullback suggests to me that there is value to be had. If we can stay above the 110 level, I think it’s only a matter of time before the buyers get involved and we continue to reach to the upside. Remember, this pair is highly sensitive to risk appetite, so pay attention the stock markets around the world. This pair tends to essentially follow the overall attitude of those markets.

Written by FX Empire