USD/JPY Forecast July 3, 2015, Technical Analysis

The USD/JPY pair broke out to the upside during the session initially on Thursday, but turned back around to form a shooting star. Looking at this shooting star it suggests that we are going to drop from here but we believe that will simply be a short-term pullback. We still favor this pair to the upside of the longer-term, so we are going to go ahead and let the market fall to lower levels in order to take advantage of value. On the other hand, if we break the top of the shooting star that would be very positive sign and more than likely would send this market looking for the 125 handle.