USD/JPY Forecast April 16, 2014, Technical Analysis

The USD/JPY pair fell initially during the session on Tuesday, but found support down near the 101.50 level yet again. This area has been very strong for some time now, and as a result it doesn’t surprise us that the market stepped up at that point. The resulting candle of course was a hammer, and as a result that is a buying opportunity as far as we can tell. The 102 level should be an area that buyers should step into if we break above, and as a result we are bullish on that move.