USD/JPY Forecast February 2, 2017, Technical Analysis

The USD/JPY pair bounced off the 112.50 level to show signs of life again. The market has been consolidating in general between this level, and the 115 level above. Given enough time, I believe that the market will continue to go higher, but we need to build up the momentum to go long, at least for the longer term. I have no interest in shorting this market, I believe that the buyers will continue to punish the Bank of Japan for a weaker monetary policy the most central banks around the world.