USD/JPY Forecast February 22, 2017, Technical Analysis

The USD/JPY pair rallied a bit during the day on Tuesday as we continue to see support near the 112.500 level. If we can break above the top of the range I think that we will test the 115 level again for resistance. If we can break above back, then we can reach the highs. I believe short-term pullbacks continue to be buying opportunities, and thus I have no interest in selling. We bounced off the 38.2% Fibonacci retracement level, and I think that shows that we are going to continue to go higher over the longer term.