USD/JPY Forecast January 10, 2017, Technical Analysis

The USD/JPY pair initially tried to rally on Monday but turned around and found quite a bit of bearish pressure. I believe that the 115 level below will be massively supportive though, and act as a floor. Even if we did break down below there I see a significant amount of support extending all the way to the 111.50 level. In other words, I think the only way you can trade this market is buying pullbacks and show signs of support on short-term charts. I still have a target of 121 it comes to this market.