USD/JPY Forecast May 7, 2014, Technical Analysis

The USD/JPY pair fell rather hard during the session on Tuesday, slamming into an uptrend line that has been in effect for several months now. On top of that, the 101.50 level is massive support as well. We closed at the very low of the range for the day, which of course is very bearish sign, but considering where we are at, we feel that short-term supportive candle would be more than enough of a reason to start buying this pair and aiming for the 103 level. Above there, we had to 104, and then eventually 105.

 

USD/JPY Forecast May 7, 2014, Technical Analysis