USD/JPY Forecast February 3, 2017, Technical Analysis

The USD/JPY pair fell initially during the session on Thursday, but continues to find the 112.50 level to be supportive enough to keep the market somewhat afloat. I believe that the support runs all the way down to the 111.50 level, and because of that I am not willing to sell. Today is Nonfarm Payroll Numbers, and with that expect quite a bit of volatility. At this point, I believe that the uptrend is still very much intact, and I expect the buyers to return. If we broke down below the 111.50 level, I would then anticipate a moved to the 110 handle.

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