USD/JPY Forecast November 30, 2016, Technical Analysis

USD/JPY daily chart, November 30, 2016

The USD/JPY pair rallied during the day on Tuesday, breaking above the 112.50 level during the day. Ultimately, this is a market that will continue to try to go higher, but it’s likely that we need a pullback in order to find enough momentum to continue to go higher. After all, we are overbought at this point but certainly I have no interest in selling as the market is so overly bullish. Given enough time, I’m a buyer but I need to see some type of value or at least momentum building pullback in order to get excited.