USD/JPY Forecast December 7, 2016, Technical Analysis

The USD/JPY pair was very choppy over the course of the session on Tuesday, but did find a bit of a bullish sign. A break above the 115 handle is what’s needed for a continues move higher at this point. However, I believe that the market needs to pullback to build up any true momentum, so I’m looking for a supportive candle underneath to go long. I think that the 112.50 level is supportive, and a certainly think that the 110 level will be as well. Given enough time, there should be value that we can take advantage of.