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USD/JPY Forecast January 20, 2016, Technical Analysis

Daily Forex Reports | by FX Empire | Wednesday, 20 January 2016 06:00 UTC

The USD/JPY pair initially rose during the course of the session on Tuesday, but turned back around as the 118 level offered enough resistance to turn this market around and form a shooting star. The shooting star of course is a fairly negative candle, so on a break down below the bottom of that we feel that this market could very well return to the 116.50 level. The 118.50 level above is a significant resistance barrier, so if we can break above there we would be bullish, but until then we should continue to simply consolidate.

USD/JPY Forecast January 20, 2016, Technical Analysis

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