USD/JPY Forecast January 27, 2016, Technical Analysis

The USD/JPY pair fell significantly during the day at first, but turned back around on Tuesday to form a relatively positive candle. If we can break above the recent highs just below the 119 level, we feel that this market will continue to go much higher and perhaps try to reach towards the 120.50 level. We’ll have any interest in selling at this point in time though, because quite frankly there is a lot of support just below so therefore we feel this is a “buy only” market at this point in time.