USD/JPY Forecast May 18, 2016, Technical Analysis

The USD/JPY pair initially tried to rally during the course of the session on Tuesday, but turned around to form a bit of a shooting star as the 110 level above continues to be massively resistive. It is not until we get above there that we could consider buying this market for any real length of time, but we aren’t necessarily looking to sell either, as there seems to be significant support just below. At this point, it’s probably best to simply leave this market alone as we have no real clear direction.