USD/JPY Forecast May 23, 2016, Technical Analysis

The USD/JPY pair initially tried to rally during the day on Friday but turned back around to form a bit of a shooting star. Because of this, it looks as if the market could pull back from here. However, there is a significant amount of support just below, and extending all the way down to the 108 level. If we do fall from here, it will probably be short-term at best. We would be willing to buy short-term pullbacks and show signs of support, and of course a break above the top of the shooting star would have us doing the same.

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