USD/JPY Forecast March 2, 2017, Technical Analysis

The USD/JPY pair rallied on Wednesday, breaking above the hammer from the Tuesday session. This of course is a bullish sign and it looks as if we will try to make our way towards the 115 handle. Short-term pullback should be buying opportunities, as the market seems to have such a significant amount of support just below at the 112 region. Because of this, I’m a buyer on short-term pullbacks, but I recognize that volatility could continue to be an issue. Once we break above the 115 handle, the market should be prepared to reach towards the 118 handle.