USD/JPY Forecast January 16, 2017, Technical Analysis

The USD/JPY pair went back and forth on Friday, testing the 115 level. This is an area where I think we will see a significant amount of support, but I also believe that the support extends all the way down to the 111.50 handle. If we can break above the top of the candle for the Friday session, the market should then reach towards the 118 level, and perhaps even higher than that. Ultimately, I believe that the uptrend is the only way to follow, as the market has most certainly bottomed by now.

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