USD/JPY Forecast July 17, 2015, Technical Analysis

The USD/JPY pair broke higher during the course of the session on Thursday, breaking above the 124 level during the end of the day. With that, the market looks as if it is ready to continue going higher, but there is quite a bit of noise just above that could make this market rather volatile. We believe that the market will originally run into a significant amount of resistance at the 125 level, but we should eventually get above there as well. We think pullbacks are also buying opportunities as well, as the Japanese yen is being liquefied by the Bank of Japan.