USD/JPY Forecast April 5, 2017, Technical Analysis

The USD/JPY pair initially fell during the session on Tuesday, but continues to find support just above the 110 level. By doing so, it looks as if we are going to consolidate overall, somewhere between the 110 level and the 112 level above. With this, I think that short-term trading is about as good as it will get, as we are range bound. A breakdown below the 50% Fibonacci retracement level should send this market down to the 108 handle after that. Ultimately, if we can break above the 112.50 level, that could be a very bullish sign.