USD/JPY Forecast October 25, 2016, Technical Analysis

The USD/JPY pair initially fell during the day on Monday, but turned around to form a green and bullish candle. However, we have not broken out and I still think that there is a significant amount of resistance at the 105 level, meaning that the resistance is still there. I’m looking for short-term pullbacks are short-term buying opportunities unless of course we break above the aforementioned 105 level, which then should have this market looking for the 107 level beyond that. I have no interest in selling, and I believe that the 103 level is essentially acting as a “floor” at this point in time.