USD/JPY Forecast May 8, 2017, Technical Analysis

The USD/JPY pair had a very volatile session during Friday’s trading, as it course was the jobs number. Ultimately, the market looks as if it wants to go higher, and that of course is a good sign as the 112 area offered quite a bit of support. After the jobs number, there was a proclivity to rise, but I do recognize that the 113 level above would be a bit of resistance just waiting to happen. Short-term pullback should continue to offer buying opportunities and if we can break above the vital 113 level, I would be very bullish at that point, expecting the market to go much higher.

Longer-term charts

Longer-term charts suggest that we are reaching towards the 115 handle above. That is an area that has been resistive in the past, and it makes quite a bit of sense that we would try to get to the round number as a target anyway. This pair does tend to be very risk sensitive, and as risk seems to be picking up after the jobs number and of course the strength of the employment figures, it makes sense that this pair would continue to go higher. If we can break above the 113 handle, that should satisfy most traders in the world. The bond yields are starting to rise in the United States in anticipation of the Federal Reserve tightening, that of course works wonders for the health of this pair. I do not have any interest in shorting, and I think short-term pullbacks will offer the value that you will be looking for. I don’t know that this is going to be an explosive moved, but it would make sense that we continue to go higher. Selling isn’t even a thought.
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