USD/JPY Forecast June 6, 2016, Technical Analysis

The USD/JPY pair fell significantly during the course of the day on Friday, breaking below the 106 level. We closed at the very bottom of the range and therefore I think that we should get continuation to the downside. After all, the market should continue to show disappointment in the jobs number that came out for May, so having said that it’s likely that the markets will continue to favor the yen over the dollar. The link of the candle is pretty significant as well, so again, I believe that the market is going to continue to the downside.