USD/JPY Forecast February 24, 2017, Technical Analysis

The USD/JPY pair fell during the day on Thursday, testing the 112.50 level. We did bounce from there though, so it’s likely that the markets will continue to find buyers just underneath, and with this being the case it’s likely that the markets will bounce from here and try to reach towards the 114 handle. I have no interest in selling this market, I believe that the 112.50 level underneath will continue to be supportive as it is the 38.2% Fibonacci retracement level from the longer-term move. Eventually, will break above the 115 handle and then reach towards the 118.50 level.