USD/JPY Forecast November 3, 2016, Technical Analysis

The USD/JPY pair fell significantly during the session on Wednesday, as we reach down towards the 103 level. This is an area that should be supportive again, and therefore I’m looking for a supportive candle in order to go long. I have no interest in shorting at the moment, but if we did close below there significantly, I would reevaluate my position. A supportive candle could send this market looking for the 105 level, and as a result I would be interested in going long after that. However, at this point in time it’s probably best to let the market show what it wants to do.

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