USD/JPY Forecast July 1, 2016, Technical Analysis

The USD/JPY pair initially fell during the day on Thursday, but turned back around to form a bit of a hammer. If we break above the top of the hammer, the market more than likely will try to grind its way towards the next massive resistance barrier, in the form of the 105 handle. I do believe however that there is resistance all the way down to the 104 level as well, so I don’t really want to buy this pair. Having said that, if we can get some type of resistant candle I am willing to sell once I get a chance.