USD/JPY Forecast March 7, 2017, Technical Analysis

The USD/JPY pair gapped lower at the open on Monday, but it still sees plenty of support underneath. If we can break above the 115 handle, the market should then reach towards the 118.50 level. I still believe in the massive amount of support at the 112 level, extending down to the 111.50 level. Because of this, I’m buying Deb’s, and simply waiting for a breakout to the upside to hold on to the move. I believe that the Federal Reserve will raise interest rates, and that should continue to work against the value the Japanese yen in this pair.