USD/JPY Forecast October 24, 2016, Technical Analysis

The USD/JPY pair initially fell during the course of the session on Friday, but turn right back around to form a bit of a hammer. If we can break above the top of the hammer, the market should continue to go higher and reach towards the 105 level which is the significant barrier that has been keeping this market somewhat soft. Ultimately though, I believe that the 103 level is massively supportive, and with that being the case the Bank of Japan looks as if it is going to be a factor in this market as well, and therefore I only buy.