USD/JPY Forecast October 6, 2016, Technical Analysis

The USD/JPY pair broke higher during the course of the session on Wednesday, as we have broken above the 103 level. Ultimately, I think the market could very well try to reach towards the 105 handle and with this I’m willing to buy pullbacks that offer value in a market that seems to be supported by the Bank of Japan anyway. Because of this, I am “buy only”, but do recognize that we may have to pull back a little bit in order to keep up the momentum. The 105 level above is my target.

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