USD/JPY Forecast July 4, 2016, Technical Analysis

The USD/JPY pair fell slightly during the course of the session on Friday, but quite frankly there is quite a bit of support just below. On top of that, you have to worry about whether or not the Bank of Japan will get involved if we sell off with any gusto, so at this point in time this is essentially a “buy only” market, but I also see a massive amount of resistance starting at the 104 level. In other words, unless you are looking to invest, this is probably a market that won’t offer much for you.