USD/JPY Forecast December 23, 2016, Technical Analysis

The USD/JPY pair went back and forth during the day on Thursday, as it looks like we are running out of steam. Ultimately, I do believe that the buyers returned but we need a pullback to pick up value. The 120 level above is the target now, and I believe that there are several different areas where buyers could get involved. I want to see a pullback that offers this pair “on the cheap” and forms a supportive candle. We are overextended currently, and because of this I am a bit cautious.