USD/JPY Forecast April 10, 2017, Technical Analysis

The USD/JPY pair fell significantly during the day on Friday after the less than expected jobs number out of America. However, we found enough support at the 50% Fibonacci retracement level again to turn around and form a hammer. The hammer is very supportive looking and from a longer-term perspective, I believe that this market is trying to form some type of support to go higher. Ultimately, I have no interest in shorting and I believe that the market will find buyers every time we pull back. If we break down below the 50% Fibonacci retracement level, the market will more than likely reach towards the 61.8% Fibonacci retracement level at the 108 handle.