USD/JPY Forecast January 17, 2017, Technical Analysis

The USD/JPY pair fell on Monday, but found enough support near the 114 level to turn things around to form a hammer. There is a lot of noise between here and the 111.50 level, meaning that I should see plenty of buying opportunities as we fall. Alternately, if we can break above the 115 handle, I feel that the market within reach towards the 118.50 level above again, and then eventually the 120 handle above there. Ultimately, this is a market that I have no interest in selling, and believe that it will continue higher.