USD/JPY Forecast August 18, 2016, Technical Analysis

The USD/JPY pair initially tried to rally during the course of the session, as the Tuesday markets have shown a bit of strength originally. However, we turned right back around to form a bit of a shooting star. The shooting star sits just above the 100 handle, and that is an area where we could very well see buyers jump back into this market. It has a certain psychological significance, although it looks like we are really pressing the issue at the moment. With this being said, it might be easier to simply sit on the sidelines.