USD/JPY Forecast January 12, 2017, Technical Analysis

The USD/JPY pair rallied during the day on Wednesday, turning back around to form a shooting star. However, there is a significant amount of support underneath near the 115 level, so I believe that sooner rather than later the buyers will return and start pushing higher again. I recognize that there is a massive amount of support all the way down to the 111.50 level, so I have no interest in selling and I believe that the longer-term trend will continue going higher and that strengthening eventually. However, I recognize that patience will be needed.