USD/JPY Forecast June 10, 2016, Technical Analysis

The USD/JPY pair fell during the course of the session on Thursday, but bounced enough to form a bit of a hammer. That’s a very bullish sign, and as a result it’s likely that we could bounce, but I see a significant amount of resistance above as well as we formed a shooting star on Tuesday. With this, I expect a very tight market and therefore will probably stand beside of the USD/JPY pair for the time being. Ultimately though, I do believe that there is a massive amount of bearish pressure in this market, so it makes sense that we could drift a little bit lower over the longer term.