USD/JPY Forecast November 2, 2016, Technical Analysis

The USD/JPY pair initially tried to break out during the day on Tuesday but found the 105 level to be a bit too resistive. Because of this, we fell from there and ended up forming a bit of a shooting star. With that, it’s very likely that pullbacks at this point in time could find support below, especially near the 103 handle. If we can break above the top of the shooting star that’s also bullish sign but at this point I think that it’s probably easiest to simply wait for some type of supportive candle below in order to take advantage of value and start buying again.