USD/JPY Forecast March 3, 2016, Technical Analysis

The USD/JPY pair initially tried to rally during the course of the day on Wednesday but turned back around and formed a shooting star. This suggests that we are going to continue to go back and forth and that the 150 level is a bit too resistive, and with that being the case the market should continue to go back and forth. The 112 level below is the floor, so we do not anticipate that the markets going to break down below there. Because of this, short-term traders will continue to sell this market. Is not until we get above the 115.50 level that we are willing to buy at this point.