USD/JPY Forecast April 1, 2016, Technical Analysis

The USD/JPY pair went back and forth during the course of the session on Thursday, forming a hammer yet again. We formed on Wednesday another hammer, so it leads us to believe that we will probably bounce from here. A rally from here should send this market looking for the 114 level above, which of course is the top of the recent consolidation area so having said that it is very likely that we will to simply bounce around in this area. The 115 level above is massively resistive, so having said that we are looking for short-term moves only.