USD/JPY Forecast July 8, 2016, Technical Analysis

The USD/JPY pair fell slightly during the course of the session on Thursday, but at this point in time I believe that the market is essentially just trying to rest before we get the vital Nonfarm Payroll announcement today. If we break significantly below the 100 level, I believe that the Bank of Japan could very well get involved, intervening to push this pair higher. On top of that, I think most traders know this and therefore would be very quick to take profits in a negative position. On the other hand, if we get strength coming out of the jobs market that should cause a bounce in this pair.