USD/JPY Forecast October 17, 2016, Technical Analysis

The USD/JPY pair initially rallied during the course of the session on Friday, but turned around to form a bit of a shooting star. The 105 level above is massively resistive, so having said that I feel that the market will continue to struggle to get above there, so with that being the case I think pullbacks will offer buying opportunities and of course momentum building opportunities. I have no interest in selling, and as a result it’s likely that I will be sitting on the sidelines waiting for some type of supportive candle after a pullback.