USD/JPY Forecast January 13, 2017, Technical Analysis

USD/CAD daily chart, January 13, 2016

The USD/JPY pair broke down during the session on Thursday, slicing through the 115 handle. Although this is a very negative move, the reality is that there are several support barriers below, extending all the way down to at least the 111.50 level. Because of this, I am standing on the sidelines waiting for some type of supportive candle to go long. Once I get that, I will not hesitate to start buying the USD/JPY pair because it is so bullish longer term. This pullback is healthy, and should attract enough buyers to build momentum back into the uptrend.

Written by FX Empire