USD/JPY Forecast October 20, 2015, Technical Analysis

The USD/JPY pair initially fell during the day on Monday but turned back around to form a little bit of a hammer. That being the case, looks like the market is ready to grind its way higher, reaching towards the 121 handle again. This is a market that continues to see quite a bit of back and forth action as we consolidate, and look for some type of catalyst to move this market in one direction or the other. With that, we believe that short-term buying opportunities exist, but quite frankly you should be quick to take profits.