USD/JPY Forecast January 4, 2017, Technical Analysis

USD/JPY daily chart, January 04, 2016

The USD/JPY pair initially broke out during the day on Tuesday but found enough resistance above the turn around and suddenly form a semi exhaustive looking candle. I still believe longer-term we go much higher, so I look at these pullbacks is value. I recognize the 115 level below as support, and essentially the “floor” in this market. I still have a target of 120, and believe that we will reach that level sooner rather than later. We have the nonfarm payroll numbers coming, and they tend to have a significant effect on this pair so it could cause it to be somewhat quiet.

Written by FX Empire