USD/JPY Forecast July 6, 2016, Technical Analysis

The USD/JPY pair had a negative session during the day on Tuesday, but at this point in time I am very hesitant to short this market. The main reason for that is the Bank of Japan has talked about monitoring the currency markets, which means this pair essentially. With that being the case, I have to believe that they are closely monitoring the 100 level. I think sooner or later, we should get some type of supportive candle that we can go long from. However, this point in time we do not have the signal so I am currently on the sidelines when it comes to this particular market.