USD/JPY Forecast February 20, 2014, Technical Analysis

The USD/JPY pair initially fell during the session on Wednesday, but found enough support down near the 102 level to bounce and form a hammer. This hammer shows that the market is still trying to fight in order to keep the market afloat, and because of that we feel that this market should continue to go higher, but needs to clear the highs of the session from Tuesday. When that happens, we feel the market will grind its way back towards the 105 level given enough time. We are not sellers of this pair at all.