USD/JPY Forecast March 6, 2017, Technical Analysis

The USD/JPY pair initially fell on Friday but turned around to show signs of strength again. By forming this hammer like candle, looks as if we’re going to push up against the 115 handle. If we can break above there, the market should then go to the 118.50 level. Ultimately, I believe that the markets will continue to strengthen, as the US dollar continues to strengthen against most currencies. Once we break above here, I believe that the longer-term uptrend will continue. Pullbacks offer value as far as I can see, and there should be a bit of a floor at the 112 region.