USD/JPY Forecast August 16, 2016, Technical Analysis

The USD/JPY pair did very little during the course of the day on Monday, simply grinding sideways. With that being the case, the market looks as if it is prepared to simply sit at the 101 level. I have no interest in shorting this market, I believe there is a massive amount of support below and extending all the way to at least the 100 level. Any bounce from here or supportive candle is reason enough to go long, and I will do so immediately as I believe the Bank of Japan will continue to support this market one way or another.