USD/JPY Forecast August 15, 2016, Technical Analysis

The USD/JPY pair fell during the course of the day on Friday, as we continue to see bearish pressure. However, I believe that the 100 level below is massively supportive not only due to the psychological significance of this number, but also the fact that the Bank of Japan is very likely be underneath waiting to push this market back to the upside one way or the other. With this being said, I am waiting to see some type of support candle were a bounce that I can start buying. I am a bit hesitant to start selling at these low levels.