USD/JPY Forecast February 5, 2016, Technical Analysis

The USD/JPY pair broke down during the session on Thursday, as we are starting to slice through the last vestiges of support. Quite frankly, there is a hammer from a couple of weeks back that if we break down below there, this market should rush to the 115 level. However, it should be noted that we are so oversold at this point that the stronger move will be to the upside if we get a strong jobs number coming out of the United States. We prefer that, but at this point in time we have to simply wait.