USD/JPY Forecast April 8, 2014, Technical Analysis

The USD/JPY pair fell during the session on Monday, finding the 103 level by the end of the day. This area could bring in buyers, but in the meantime it’s difficult to buy until we get a supportive candle. With that, we feel that this market will eventually bounce, but probably has a little bit more selling to do in order to find enough buyers in order to continue the upward momentum. With that, we are long-term bullish, but right now recognize that this market is probably not one you want to be involved in at the moment.