USD/JPY Forecast December 16, 2016, Technical Analysis

USD/JPY daily chart, December 16, 2016

The USD/JPY pair rallied again on Thursday as we continue to see US dollar strength in general. The 115 level should now be massively supportive, and essentially the “floor” in this market. A pullback should find plenty of bullish pressure underneath, as the interest-rate hike and more importantly, the substantial possibility of more, should continue to let the US dollar against the Bank of Japan, which is very unlikely to raise interest rates anytime soon. Because of this, I look at pullbacks as a very good opportunity to take advantage of perceived “value”.

Written by FX Empire