USD/JPY Forecast April 18, 2014, Technical Analysis

The USD/JPY pair initially fell during the session on Thursday, but as you can see from enough support to turn things background inform a hammer. This hammer suggests that we are going to go higher, and as a result we are bullish in this market. We believe the longer term, we will head to the 103 level, and then ultimately to the 105 level given enough time. We have no interest in shorting this market, and as a result we are buyers only. Dips should continue to offer value in this market going forward.