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.
![USD/JPY Forecast October 19, 2016, Technical Analysis](http://c86cb244b7aa82d722df-bc886d861d799bf6b58e79429d5ca9ac.r8.cf2.rackcdn.com/www.fxempire.com/wp-content/uploads/2016/10/usdjpy-12.jpg)