USD/JPY Forecast July 22, 2016, Technical Analysis

The USD/JPY pair fell during the day on Thursday, testing the 105 level. This is an area that previously had been resistive and should now offer a bit of support. A supportive candle at this point in time should be a nice buying opportunity, as the Bank of Japan continues to try to influence the value of the Japanese yen. Ultimately, I think we will try to reach towards the 108 level, and perhaps even higher than that given enough time. If we broke down below the 103 level, I could be convinced to start selling again.