USD/JPY Forecast May 1, 2017, Technical Analysis

The USD/JPY pair rallied on Friday, but found a bit of resistance at the 50-day exponential moving average. Nonetheless, it looks as if we are trying to build up enough momentum to break above the 112 handle, and if we do I think the market will continue to grind its way towards the 115 handle. Pullbacks from here will more than likely be supported, but I would think that the one thing you can count on is probably going to be volatility regardless of what happens. If we break above the 112.50 level, I would be adding to my position to the upside.