USD/JPY Forecast March 11, 2016, Technical Analysis

The USD/JPY pair initially tried to rally during the day on Thursday, but turn right back around to form a fairly negative candle. At the end of the day though, we are still well within the tolerance of the previous consolidation area, so we do not make much of this candle. We believe that it’s only a matter of time before the buyers return, so we are simply waiting for a supportive candle in order to start going long again as the trading range has been fairly reliable, and of course there’s really not a lot out there to move this pair at the moment.