USD/JPY Forecast April 19, 2017, Technical Analysis

The USD/JPY pair initially rallied on Tuesday, but found enough resistance above to turn around and form a negative candle. It looks as if we are going to test the bottom of the hammer from the previous session and more importantly the 108 level if the bearish pressure keeps up. I think we will continue to chop around in the short term, so I am not involved in the pair after it showed a real lack of follow-through when it comes to the potential bounce higher that presented itself yesterday. If we break down below the 107.90 level, this market could fall significantly.