USD/JPY Forecast November 14, 2016, Technical Analysis

The USD/JPY pair fell at the open on Friday, but did turned around enough to form a nice-looking hammer. The hammer suggests that we are getting ready to trying to press the 108.50 level above that has been massively resistive. Pullbacks at this point should continue to offer value as the US dollar is without a doubt the strongest currency in the world right now. The 105 level below should continue to be massively supportive and I look at it as the “floor” in this market. This will be a volatile market, but I still believe that the positive spin.

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