USD/JPY Forecast November 16, 2016, Technical Analysis

The USD/JPY pair initially fell on Tuesday, but turned around just above the 107.50 level to form a significant bullish candle that should continue to push this pair towards the 110 level above. A pullback should offer a nice buying opportunity in order to go long. The 107.50 level below should offer some type of floor going forward, and as a result I have no interest whatsoever in selling this market. I believe that eventually we will reach the 110 level given enough time, but it could be volatile. Several trades could be the way to go going forward, but you will have to be nimble as we are getting overextended.