USD/JPY Forecast October 18, 2016, Technical Analysis

The USD/JPY pair went back and forth during the course of the day on Monday, as we continue to try to break out to the upside, but the 105 level above is massively resistive. Because of this, I suspect that we will have several pullbacks in order to build up enough momentum to go higher. I don’t have any interest in selling, I feel that this market will eventually find buyers, especially near the 103 level that has been rather supportive as of late. With this, I feel it’s a “buy on the dips” type of situation.

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