USD/JPY Forecast January 23, 2017, Technical Analysis

USD/JPY daily chart, January 30, 2016

The USD/JPY pair broke higher on Friday, as the 115 level came into focus. If we can break above the shooting star from last week, I think that the market will continue to grind towards the 118.50 level. I believe that a pullback could happen, but more than likely it will only offer a buying opportunity from lower levels. The US dollar continues to be favored by most Forex traders around the world, and I believe that will be reflected in this market. I have no interest in selling, and believe that we will go much higher over the longer term.

Written by FX Empire