USD/JPY Forecast January 18, 2017, Technical Analysis

The USD/JPY pair broke down during the session on Tuesday, slicing through the bottom of the hammer on Monday. This of course suggests that we are going to go much lower, and I believe there is a massive amount of support at the 111.50 level. Because of this, this is a market that could offer value at lower levels, but we do not have the signal to do it yet. A pull back from here makes a lot of sense due to the longer-term trend changing aspects of this market, and thus I’m looking for the value below to hang onto a longer-term position.

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