USD/JPY and NZD/USD Forecast - 14 February 2017

The USD/JPY pair gapped higher at the open on Monday, which of course is a very bullish sign. However, just as we did on the Friday session, we turned around to form a shooting star. I think this means that we will continue to drop from time to time, but find buyers as we trying to push the value of the US dollar higher. We will be attracted to the 115 handle, and currently it looks as if the 114 level is offering just a bit of resistance. The pullback that we have seen recently was reasonably significant, but at the end of the day it was still just a moved to the 38.2% Fibonacci retracement level.

Christopher Lewis

Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.