USD/JPY Forecast June 17, 2016, Technical Analysis

The USD/JPY pair broke down during the day on Thursday, slicing through the 105 level. There did end up being a bit of bullish pressure underneath, but quite frankly that is probably more or less a bit of a knee-jerk reaction more than anything else. It appears that the market is ready to go lower but the question then remains whether or not the Bank of Japan will get involved. At this point, short-term selling opportunities after exhaustive candles will probably be the best way to get involved in this pair. I have no interest in buying at the moment.