USD/JPY Forecast June 2, 2016, Technical Analysis

The USD/JPY pair fell significantly during the course of the day on Wednesday, slicing back through the 110 level. At this point in time though, there seems to be quite a bit of support just below so at this point in time it’s likely that the market will bounce fairly close to where we are at. With this, we are looking for supportive candle or a bounce in order to start buying but we also recognize that it will be very choppy regardless what happens so therefore it’s difficult to hang onto a trade for any real length of time at this point.