USD/JPY Forecast July 14, 2016, Technical Analysis

The USD/JPY fell during the course of the session on Wednesday as we crashed into the 105 level. This is an area that is massively resistive, and of course we are overextended at this point in time. I do believe that eventually we could find buyers to go higher, but this pullback is essentially a good way to build up momentum to finally break above that barrier. With this, keep in mind that the Bank of Japan is very likely to get involved if we fall to far, so the market will more than likely continue to find buyers.