USD/JPY Forecast February 21, 2017, Technical Analysis

The USD/JPY pair rallied a bit during the day on Friday, but the markets were quiet in general. The 112.50 level looks to be the beginning of significant support, and if we can break above the top of the Friday session, I believe that the market will then reach towards the 115 handle. Ultimately, if we can break above there then we can go much higher. We have bounced off the 38.2% Fibonacci retracement level, so we could continue to see a return to bullish pressure relatively soon. I have no interest in selling.