USD/JPY Forecast December 19, 2016, Technical Analysis

USD/JPY daily chart, December 19, 2016

The USD/JPY pair fell slightly during the day on Friday, as we are starting to get a little bit exhausted after the massive amount of bullish pressure that we have seen. I still think that the 150 level should be massively supportive, so it’s only matter time before the buyers get involved. A pullback only offers value, and therefore have no interest in selling. I believe that the USD/JPY pair will then reach towards the 120 handle. Even if we broke down below the 115 level, I see a massive amount of support just below there as well.

Written by FX Empire