USD/JPY Forecast December 20, 2016, Technical Analysis

USD/JPY daily chart, December 20, 2016

The USD/JPY pair fell on Monday, as we continue to see a lot of action in this market. Quite frankly, this is a market that is overextended at this point, so I like the idea of the market falling to look for support at a major level below, which I see as the 115 handle. I think that the pullback is needed, as we have been a bit overextended. There is a lot of support all the way down to the 111 level, so I’m a buyer on signs of support for bounces going forward.

Written by FX Empire