USD/JPY Forecast November 25, 2016, Technical Analysis

The US dollar rallied on Thursday again, breaking above the 113 handle. The market continues to be a bit overextended, so it’s difficult to get long of this market now. Essentially, you would be “chasing the trade”, which is a great way to lose money. So, having said that I am waiting for some type of pull back to show signs of support below to go long. Honestly, I believe that we need a pullback that lasts several days to find enough support and value in the market to continue going long. Unless you are long of this pair already, you need to wait.

USD/JPY daily chart, November 25, 2016USD/JPY daily chart, November 25, 2016