USD/JPY Forecast January 11, 2017, Technical Analysis

The USD/JPY pair fell on Tuesday, testing the 115 level for support, which it looks as if it is finding. However, we need to see some type of bounce or supportive candle to go long at this point. I believe that there is a significant amount of support all the way down to the 111.50 level, so patience might be needed. As soon as we get a daily supportive candle though, I’m willing to go long as the market is in such a strong uptrend overall. I still have a target of 120, and believe that this pullback will only attract more traders looking for “value.”