USD/JPY Forecast February 17, 2017, Technical Analysis

The USD/JPY pair fell a bit during the day on Thursday, clearing the bottom of the shooting star from Wednesday. This of course is a negative sign but I think there’s plenty of support just below and it’s only a matter of time before we bounce to go higher. If we can break above the top of the shooting star, then the market should then go to the 118.50 level. Ultimately, this is a market that has a lot of choppiness, and with that being the case I think that the volatility will scare way a lot of traders but I still believe in the longer-term upside.