USD/JPY Forecast August 12, 2016, Technical Analysis

The USD/JPY pair initially tried to rally during the course of the session on Thursday, but turned back around to form a bit of a shooting star. The shooting star of course is a negative sign, but I think that there is more than enough support just below to keep this market going higher. After all, the Bank of Japan is very vocal about its displeasure with the yen being close to the 100 level, and as a result I think it’s only matter of time before the markets start being tinkered with by the Japanese.