USD/JPY Forecast February 23, 2016, Technical Analysis

The USD/JPY pair went back and forth during the course of the day on Monday, as we continue to hover around the 113 handle. This is a market that we are expecting to see quite a bit of resistance by the 115 handle, so therefore any rally this point in time will look suspect to us. So until we break above the 115 handle that we are comfortable buying. At this point in time, we continue to short exhaustive looking candles. However, at this point it looks as if it’s probably best to simply stand on the sidelines.