USD/JPY Forecast April 15, 2016, Technical Analysis

The USD/JPY pair initially fell during the course the day on Thursday, but turned back around to form a bit of a hammer. The hammer of course is a bullish sign, and as a result it looks as if the buyers are going to continue going higher, perhaps try to reach towards the 110 level. The area is a previous support level, and should now show resistance. On top of that, it looks as if the resistance could extend all the way to the 111 level, so with this we are waiting to see whether or not we get an exhaustive candle to start selling.