USD/JPY Forecast November 25, 2016, Technical Analysis

The US dollar rallied on Thursday again, breaking above the 113 handle. The market continues to be a bit overextended, so it’s difficult to get long of this market now. Essentially, you would be “chasing the trade”, which is a great way to lose money. So, having said that I am waiting for some type of pull back to show signs of support below to go long. Honestly, I believe that we need a pullback that lasts several days to find enough support and value in the market to continue going long. Unless you are long of this pair already, you need to wait.