USD/JPY Forecast June 24, 2016, Technical Analysis

The USD/JPY pair initially fell during the day on Thursday but turned right back around and broke well above the 105 level. By doing so, it looks as if the market is going to continue to show bullish pressure. The 106 level has significance as well, so once we break above that level, I would be willing to buy this pair as it would show a significant amount of momentum to the upside. Exhaustive candle would be a selling opportunity though, just as a move below the 105 level would be at this point.