USD/JPY Forecast July 26, 2016, Technical Analysis

The USD/JPY pair initially rallied during the course of the session on Monday, but turned right back around to form a shooting star. The shooting star of course is a negative sign, and we could drop down to the 105 level as a result. There should be quite a bit of support there though, so a supportive candle in that general vicinity should be a buying opportunity. On the other hand, if we can break above the top of the shooting star for the day on Monday, then that would be buying opportunity as well.