USD/JPY Forecast February 10, 2016, Technical Analysis

The USD/JPY pair initially tried to rally during the course of the day and break back above the 115 level. However, we found more than enough resistance above there to turn the market back around and form a shooting star. We get a shooting star at the bottom of a download like this, the normally means that you are about to see continuation and therefore we feel that a break down below the bottom of the range for the day is a sell signal. We are very hesitant to start buying right now as there seems to be a lot of fear the market, which typically is negative for this particular pair.