USD/JPY Forecast August 8, 2016, Technical Analysis

The USD/JPY pair rallied a bit during the course of the session on Friday as the US jobs number came out stronger than anticipated. Because of this, looks like we could bounce a bit and you should also be aware the fact that we formed a hammer on the weekly chart. With that being the case, it is likely that we will eventually get some type of significant bounce in this market. Ultimately, this is a market that should continue to attract buyers based upon the fact that the Bank of Japan below is more than likely going to get involved if this keeps up to the downside.