USD/JPY Forecast December 29, 2016, Technical Analysis

The USD/JPY pair rallied on Wednesday, as we continue to see quite a bit of bullish pressure. The 115 level underneath should offer “a bit of a floor” in this market. I think that we are eventually going to the 120 level, but it might take some time to get there. I certainly wouldn’t be a seller of this market, as the Japanese yen has been so soft lately. The US dollar continues to strengthen overall due to the Federal Reserve raising interest rates and looking likely to continue to do so going forward.