USD/JPY Forecast January 29, 2016, Technical Analysis

The USD/JPY pair did very little during the day on Thursday, perhaps anticipating the Bank of Japan releasing its monetary policy statement later. However, the one thing that we do recognize that is going on as we are pressing against significant resistance. So the Bank of Japan signals more quantitative easing coming, we believe that this market will go much higher. Ultimately, we think that the market would dart to the 120 level, and then perhaps as high as 123.50 given enough time. Pullbacks could very well find support though, so we like buying supportive candles.