USD/JPY Forecast November 23, 2016, Technical Analysis

The USD/JPY pair went back and forth on Tuesday, ultimately settling on a slightly positive candle. The 111 level seems to be attracting quite a bit of resistance, and quite frankly this market is overbought. I would love to see some type of pullback in order to take advantage of value below, as certainly the market can only go in one direction for the longer term based upon the most recent move. Because of this, I’m waiting to see a pullback and a supportive candle on the daily chart in order to get involved again as buying up here is chasing the trade.