USD/JPY Forecast July 29, 2015, Technical Analysis

The USD/JPY pair tried to rally during the course of the session on Tuesday, but pullback as the market continues to chop around in general. Nonetheless, we think that this market does go higher given enough time, breaking above the 125 level to have another leg higher overall. We have no interest in selling this market and will continue to look at pullbacks as potential buying opportunities as the Bank of Japan continues to work against the value of the Yen. Ultimately, we believe that this market is heading into a “buy-and-hold” type of situation, but not until we get above the 125 level.