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USD/JPY Forecast January 20, 2017, Technical Analysis

By:
Christopher Lewis
Updated: Jan 20, 2017, 02:25 UTC

The USD/JPY pair broke higher on Thursday, clearing the 115 handle again. This looks as if it is a sign that the market is going to continue to go to the

USD/JPY daily chart, January 20, 2016

The USD/JPY pair broke higher on Thursday, clearing the 115 handle again. This looks as if it is a sign that the market is going to continue to go to the upside, and thus we will reach towards the 118.50 level. I believe that pullbacks will continue to offer opportunities to pick up value, as the Japanese yen will continue to get pummeled in general. I am bullish of this pair and believe that we are going to reach towards the 120-handle given enough time. I have no interest in shorting, but recognize that there will be a lot of volatility as per usual.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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