USD/JPY Forecast December 2, 2016, Technical Analysis

USD/JPY daily chart, December 02, 2016

The USD/JPY pair fell slightly during the Thursday session, but turned around to form a bit of a hammer. The hammer of course is a bullish sign, and because of this we could continue to go higher but quite frankly I think we need to pull back. The 112.50 level should be supportive, just as the 110 level should be. The jobs number will be greatly influential in this pair, as the better the number, typically the higher this pair goes. Nonetheless, I need to see a pullback to feel comfortable putting money to work in an overbought market.