USD/JPY Forecast January 31, 2017, Technical Analysis

The USD/JPY pair broke down during the day on Monday, showing signs of resistance at the 115 level. The 112.50 level underneath is supportive, so I’m looking to see whether we get a bounce from that area that I can take advantage of. Ultimately, if we can break above the 115.50 level, I believe that the market then goes to the 118.50 level above, which served as massive resistance. I have no interest in selling, I believe that the longer-term trend is changing. With the Bank of Japan releasing a Monetary Policy Statement today, it’s likely that we could get a bit of influence in this pair.