USD/JPY Forecast October 21, 2016, Technical Analysis

The USD/JPY pair rallied during the day on Thursday, but as you can see there is still an area of resistance just above that we cannot get past at the moment. If we can break above the 105 level, I think that the market could continue to go much higher, perhaps reaching towards the 107 handle. With this, it’s only a matter of time before we do break out in my estimation, but the market will be very volatile so unless you can handle the choppiness, you should probably not be involved. I personally believe that the 103 level right now is acting as significant support.

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