USD/JPY Forecast May 9, 2016, Technical Analysis

The USD/JPY pair fell a bit during the course of the session on Friday as we got fairly weak jobs numbers out of the United States. However, there is a significant amount of support just below, so at this point in time we feel that the market just isn’t ready to go anywhere at this point. If we can break above the top of the range during the course of the week, we could have more buying pressure, but if we can break down below the 105 level we can start selling. In the meantime, expect a lot of back and forth.