USD/JPY Forecast October 19, 2016, Technical Analysis

The USD/JPY pair went back and forth during the course of the session on Tuesday, forming a fairly neutral candle. Ultimately, there is a significant amount of support just below, so I don’t have any interest in shorting this market and I believe that eventually when we pullback there will be short-term pullbacks that we can take advantage of in the name of value. A break above the 105 level would be very bullish sign and more of a “buy-and-hold” type of situation going forward. Until then, short-term pullbacks continue to be the best trading opportunities.