USD/JPY Forecast February 1, 2017, Technical Analysis

The USD/JPY pair broke down during the day on Tuesday, testing the 112.50 handle. There has been a bit of a push back just below there, so will be interesting to see whether we can bounce from here. If we do, I don’t see a reason the market will reach towards the 115 level above. That level being broken to the upside would be very bullish and continue the longer-term uptrend. Once we do that, I think the market will then reach towards the 118.50 level. Ultimately, I don’t have any interest in selling now.