USD/JPY Forecast February 28, 2014, Technical Analysis

The USD/JPY pair fell initially during the session on Thursday, but as we have seen more than once, the 102 level has offered support. It now appears that this market is ready to start going higher, but we would be much more comfortable buying above the 103 level. The resulting hammer from the session of course suggests that buyers are stepping in every time this market falls, but in the end we believe that the ride higher is going to be choppy, but we should eventually hit the 105 level over the course of time.