USD/JPY Forecast June 29, 2016, Technical Analysis

The USD/JPY pair rose during the day on Tuesday, as there was more of a “risk on” type of move in the financial markets. However, there is still one out there that could move the markets in a negative way. With this, I’m looking for an exhaustive candle in order to start selling and at this point in time don’t really have any interest in buying this market. I do recognize that the Bank of Japan will more than likely be monitoring this market, and therefore could provide a little bit of a boost, but at this point in time I think there’s so many other markets you can start trading and that this one will be fairly small by comparison. With this, I am essentially in the sidelines with a bit of a negative bias.