USD/JPY Forecast January 24, 2017, Technical Analysis

The USD/JPY pair fell on Monday, reaching towards the 113 handle. There is a lot of support underneath there, and thus it’s likely that buyers will return sooner rather than later. However, I think that the candle that we are forming during the day suggests that the short-term traders are going to continue to push hard. I think the 112 level is another major handle, and after the massive move that we’ve seen higher to the upside, I believe that it’s simply going to end up being a healthy pull back that will give us an opportunity to pick up value. You must be patient with this type of move though.