USD/JPY Forecast May 21, 2014, Technical Analysis

The USD/JPY pair fell during the session on Tuesday, as it continues to test the 101.25 region. The real support probably extends all the way down to the handle, so 101 would need to be broken in order for us to think about getting bearish. On top of that, the 100 level below is probably massively supportive anyway, so really doesn’t leave a whole lot of room for move. On the other hand, if we saw a supportive candle broken to the upside in this area like we thought we could of had on Tuesday, we would be buyers and aiming for the 103 level.