USD/JPY Forecast June 13, 2016, Technical Analysis

The USD/JPY pair initially fell during the day on Friday but turned right back around to form a hammer. The hammer of course is a bullish sign, which of course was preceded by a hammer on Thursday as well. Ultimately, if we can break out above the shooting star from a handful of sessions ago, we could grind away to the 109 level. On making a fresh, new low we could send this market down to the 105 level which would be the next major round number and supportive area in this marketplace.

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