USD/JPY Forecast August 9, 2016, Technical Analysis

The USD/JPY pair rallied during the course of the session on Monday, and as a result I believe it is only a matter time before the buyers return and give us an opportunity to gain from the potential bounce. Ultimately, I believe that the market will continue to rally through various time frames, as the markets should be volatile, but at this point in time you will have to deal with a lot of “back and forth” type of trading. I have no interest in selling, because I believe that the 100 level below is essentially the “floor” in this market. I also believe that the Bank of Japan is willing to defend that area.