USD/JPY Forecast April 29, 2016, Technical Analysis

The USD/JPY pair fell during the course of the session on Thursday, following a massive move lower on Wednesday. This was predicated mainly upon the idea that the Bank of Japan did nothing to continue quantitative easing, and the market appears to have reacted quite negatively to it. With this being the case, it’s likely that the pair is going to test the 108 level for support, and could break below there. If it does, the 105 level should be the next target. On the other hand, we could get some type of supportive candle but at this point in time it’s probably best to leave this market alone.