USD/JPY forecast for the week of July 11, 2016, Technical Analysis

The USD/JPY pair fell during the course of the week, but as you can see struggled to break down below the 100 level. With this being the case, it looks as if the market is probably fairly well supported and of course the Bank of Japan sits just below so it’s likely that we will continue to bounce from here and show quite a bit of volatility. Ultimately, the market is concerned about the possibility of intervention, and with that being the case it’s likely that sooner or later things will turn around. Expect a lot of volatility in the meantime though, so this is a situation where you must be patient.