USD/JPY Forecast February 20, 2017, Technical Analysis

The USD/JPY pair fell during the day on Friday, testing the 112.50 level for support. However, I think there’s enough support just below that eventually this market will bounce and reach towards the 115 handle. I think given enough time we can continue to go higher, but we may need to build up enough momentum to finally make that move. If we can break above the 115 handle, the market should then reach towards the 118.50 level. It might be volatile, but I still believe in the longer-term uptrend winning the day.