USD/JPY Forecast May 10, 2016, Technical Analysis

The USD/JPY pair rose during the course of the day on Monday, clearing the hammer that had formed on Friday. This is a very bullish sign, but keep in mind that this is a market that has been in a very negative downtrend for some time now. However, any time you get a selloff like we have seen, you generally get some type of pushback sooner or later. At this point though, it appears that the buyers are starting to make a bit of a statement, and we should more than likely reach towards the 110 level.