USD/JPY Forecast July 31, 2015, Technical Analysis

The USD/JPY pair initially tried to rally during the course of the day on Thursday, but as you can see struggled and turned back around to form a shooting star. With that being the case, looks like the market is going to pull back, and as a result we are expecting a pullback to the 123.50 level, looking for support. That being the case, the market should find buyers in that area, so we feel that a supportive candle would be a reason to start going long again. On the other hand, if we can finally break out above the 125 level, we would be buyers.