The USD/JPY pair fell slightly during the course of the day on Tuesday, but as you can see continues to hover around the 120 level. By doing so, it looks like the market is trying to find enough buying pressure to continue going higher over the longer term, and we believe that a break above the top of the range for the session on Tuesday is reason enough to start buying as the market should try to work its way back to the 125 level. It won’t be easy, and there will be quite a bit of volatility but we think it could very well happen.
USD/JPY Forecast August 26, 2015, Technical Analysis