USD/JPY Forecast October 30, 2014, Technical Analysis

The USD/JPY pair initially fell during the course of the day on Wednesday, but after a hearty statement by the Federal Reserve, this pair went higher and broke out to the upside. It now seems almost a sure thing that we are going to the 110 level, although there may be a bit of resistance between here and there. Nonetheless, we continue to buy this pair as we believe will ultimately go much higher. A break out above 110 is anticipated, as the Bank of Japan continues to work against the value of its own currency, and we do believe that you can only buy on dips at this point.