The USD/JPY pair broke down during the day on Monday, clearing the 107.50 level. This is an area that has caused quite a bit of resistance in the past so the fact that we broke above there is a very encouraging sign for the buyers. Given enough time, we should continue to go even higher, but I think short-term pullbacks are probably going to be needed in order to take advantage of perceived value. With this, I am “long only” and believe that the USD/JPY pair will eventually reach towards the 110 handle.
![USD/JPY Forecast November 15, 2016, Technical Analysis](http://c86cb244b7aa82d722df-bc886d861d799bf6b58e79429d5ca9ac.r8.cf2.rackcdn.com/www.fxempire.com/wp-content/uploads/2016/11/usdjpy-8.jpg)