USD/JPY Forecast January 25, 2016, Technical Analysis

The USD/JPY pair broke higher during the day on Friday, clearing the 118.50 level. In fact, we went above there and closed at the very top of the range which of course is a very bullish sign. The normally means continuation, and as a result we think that the market is going to be able to be bought on breakouts above the top of the range for the session on Friday, and pullbacks and show signs of support. It looks as if the stock markets around the world getting ready to bounce, and that generally is positive for this particular currency pair.