USD/JPY Forecast December 1, 2016, Technical Analysis

The USD/JPY pair rallied on Wednesday, breaking all the way to the 114 handle and continuing even higher. This is a market that is a bit of a “one-way trade” at the moment, but I believe we need a pullback in order to find some type of value to go long. I have no interest in shorting this market, even though I do think that a pullback is all but inevitable. With this, it’s likely that I will find value at lower levels that I can take advantage of. I believe that the 110 level will be vital.