USD/JPY Forecast February 5, 2015, Technical Analysis

The USD/JPY pair fell during the course of the session on Wednesday, as we continue to grind away sideways. With that being the case, the market continues to look a little bit supportive, and we definitely feel that the market has an uptrend bias. However, it’s a most impossible really get involved right now because it is simply doesn’t have any momentum in one direction or the other. Ultimately though, we feel that this market goes to the 120 level, the 121 level, and then finally the 122 level as at that point time it should break out for a longer-term buy-and-hold situation.