USD/JPY Forecast February 9, 2017, Technical Analysis

The USD/JPY pair found the 112.50 level to be resistive enough to keep the market down again during the day on Wednesday. A break above that level should send this market reaching towards the 113.50 level, and then the 115 level. Alternately, if we can break down below the 111.50 level, I believe that the pair will then reach down to the 110-handle underneath. Either way, there are a lot of crosswinds when it comes to this market, so expect choppiness over the next several sessions. Ultimately, we are still in an uptrend from the recent surge higher, so I’m not comfortable selling for the longer-term yet.

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