USD/JPY Forecast December 12, 2016, Technical Analysis

USD/JPY daily chart, December 12, 2016

The USD/JPY pair broke out to the upside during the day, slicing through the 115 handle. This is an impulsive candle, so I think we could continue to go higher, but a pullback from there could be thought of as a bit of value, which we desperately need in a market that has been overextended. I think this point in time we could have plenty of support near the 112.50 level, and then the 110-level underneath that. I have absolutely no interest whatsoever in selling this pair as we have seen such a massive shift in momentum.

Written by FX Empire