USD/JPY Forecast August 11, 2016, Technical Analysis

The USD/JPY pair fell during the course of the session on Wednesday, but at this point in time I believe that there is quite a bit of a “floor” in this market near the 100 level. Because of this, it is probably only going to be a matter time before the buyers get involved, as the 100 level is such a psychologically significant number when it comes to this pair. The Bank of Japan will continue to be very vocal, and could very well possibly be a reason to shoot this market to the upside.