The USD/JPY pair initially tried to rally during the course of the session on Wednesday, but turned back around to form a rather negative candle. By doing so, we ended up forming a bit of shooting star but quite frankly we feel that it’s only a matter of time for this market breaks to the upside yet again. After all, there is a significant amount of support just below, and the interest-rate differential should continue to favor the US dollar in general. With this, we are waiting for supportive candles and we can start going long and take advantage of what we see as perceived value.
USD/JPY Forecast August 20, 2015, Technical Analysis