USD/JPY Forecast February 8, 2016, Technical Analysis

The USD/JPY pair had a fairly neutral session during the day on Friday, as it appears we have found a little bit of support just below the 117 handle. Ultimately, it is a market that is reaching the bottom of a larger consolidation situation, so with that being the case it’s very likely that the markets could bounce if we break above the top of the top of the range for Friday, perhaps driving all the way to the 118.50 level at that point. We have no interest in selling until we break down to a fresh, new low though.