USD/JPY Forecast February 16, 2017, Technical Analysis

The USD/JPY pair initially rallied on Wednesday, testing the 115 level where it met quite a bit of resistance. We did pull back, but on short-term charts it looks as if the buyers are still very active. Because of this, if we can break above the 150 level I feel that the market is free to go to the 118 level over the longer term. Even if we pull back from here, this should only be a buying opportunity for traders, as the US dollar continues to strengthen overall, especially considering that the Federal Reserve is likely to raise interest rates this year.

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