USD/JPY Forecast August 3, 2016, Technical Analysis

The USD/JPY pair initially tried to rally during the course of the session on Tuesday, but turned around to form a very negative candle. This negative candle looks very much like a market that’s trying to reach towards the 100 level. The 100 level below should be supportive though, so I think at this point in time you need to start looking for supportive candles in order to go long. Ultimately, the market will have to worry about the Bank of Japan, which of course has quite a bit of interest in the 100 level as well.