USD/JPY Forecast January 20, 2017, Technical Analysis

The USD/JPY pair broke higher on Thursday, clearing the 115 handle again. This looks as if it is a sign that the market is going to continue to go to the upside, and thus we will reach towards the 118.50 level. I believe that pullbacks will continue to offer opportunities to pick up value, as the Japanese yen will continue to get pummeled in general. I am bullish of this pair and believe that we are going to reach towards the 120-handle given enough time. I have no interest in shorting, but recognize that there will be a lot of volatility as per usual.