USD/JPY Forecast November 17, 2016, Technical Analysis

The US dollar went back and forth during the course of the session on Wednesday against the Japanese in. We are overextended at this point, so I believe that a pullback from here is more than likely going to offer nice buying opportunities based upon support. I think that the “floor” is near the 105 level. I would be surprised if we pulled back that far though, but that’s what I’m using as my baseline. I’m waiting to see a supportive candle after short-term pullback in order to go along yet again.