USD/JPY Forecast March 16, 2016, Technical Analysis

The USD/JPY pair fell during the course of the day on Tuesday, but found enough support below the 113 level to turn things back around and form a hammer. This simply means that we’re going to continue to consolidate overall, and that the market will more than likely try to get back to the 114.50 level. It’s not until we get above the 115 level that we would be comfortable buying, so having said that short-term traders will probably be interested in this pair going forward, looking for a small move higher.