USD/JPY Forecast February 7, 2017, Technical Analysis

The USD/JPY pair went back and forth on Monday, just below the 112.50 level. The 112 level continues to offer support, and I believe that the support extends all the way down to the 111.50 level. Because of this, I am a buyer of this market and believe that it is only a matter of time before we bounce. This should send the market looking for the 115 handle, but it’s easy to see how the volatility has picked up, and that we could get pullbacks from time to time. Longer-term, I believe that the buyers will win.