USD/JPY Forecast February 16, 2016, Technical Analysis

The USD/JPY pair rose during the course of the day on Monday, as we reach towards the 115 handle. This is an area where we anticipate quite a bit of resistance to show itself again, so we will have to wait and see whether or not there is a resistive candle that we can start selling. On the other hand, if we can break above the 170 level, it’s likely that this market will go higher given enough time. Ultimately, there is enough volatility and concern out there to keep this market on its back foot in our opinion.