USD/JPY Forecast February 17, 2016, Technical Analysis

The USD/JPY pair fell during the course of the day on Tuesday, as the 115 level proved to be far too resistive. If we can break down below the bottom of the range for the session on Tuesday, we feel that this market will then reach towards the 112 handle. If we can break above the 115 level, this market could very well go to the 116.50 level, where we see a significant amount of resistance. Ultimately, the market will be volatile regardless of whatever happens, and with that being the case the market is going to be one that short-term traders will preferred.