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USD/JPY forecast for the week of January 23, 2017, Technical Analysis

By:
Christopher Lewis
Updated: Jan 21, 2017, 07:45 UTC

The USD/JPY pair had a volatile week, but more importantly than that we ended up forming a bit of support. If we can break above the top of the candle, we

USD/JPY weekly chart, January 23, 2016

The USD/JPY pair had a volatile week, but more importantly than that we ended up forming a bit of support. If we can break above the top of the candle, we should continue to go much higher. I believe that the massive rally that we have seen recently will continue given enough time, so having said that I don’t have any interest in selling. Given enough time, I believe that the market reaches to the 125 level. However, we are a bit overextended in general, so it might be choppy going forward. Certainly, we won’t have the type of impulsivity that we had seen previously.

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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