USD/JPY Forecast February 15, 2017, Technical Analysis

The USD/JPY pair initially fell during the day on Tuesday, but found enough support underneath to turn things around and show signs of life. I believe that we are going to reach towards the 115 handle, and then break above there as it appears that Janet Yellen thinks that rate hikes could very well be a possibility going forward. Because of this, the US dollar should continue to strengthen and I believe that short-term pullbacks will continue to be buying opportunities. Once we break above the 115 handle, the market will more than likely reach towards the 118 handle.