USD/JPY Forecast August 5, 2016, Technical Analysis

The USD/JPY pair went back and forth during the course of the session on Thursday, as they continue to push this market back and forth. The 100 level below is massively supportive, and I believe that the Bank of Japan will get involved if we break below there. In fact, one strategy might be to buy this pair below the 100 level during the announcement, counting on a bounce back. However, that is a very risky strategy but one that I have employed in the past. Because of the support below, I have no interest in selling.