USD/JPY Forecast February 23, 2017, Technical Analysis

The USD/JPY pair fell initially on Wednesday but found enough support again near the 112.50 level to turn things around and form a hammer. The hammer of course is a bullish sign and if we can break above the top of a, I don’t see any reason we can’t continue to go towards the 115 level above. A break above that level could be extraordinarily bullish and send this market reaching towards the 118.50 level. Ultimately, the markets continue to see quite a bit of volatility, but given enough time I think the buyers will take control again.