Forex Technical Analysis, USD/JPY Daily Forecast June 6, 2016
Technical Analysis – The USD/JPY pair fell significantly during the course of the day on Friday, breaking below the 106 level. We closed at the very bottom of the range and therefore I think that we should get continuation to the downside. After all, the market should continue to show disappointment in the jobs number that came out for May, so having said that it’s likely that the markets will continue to favor the yen over the dollar. The link of the candle is pretty significant as well, so again, I believe that the market is going to continue to the downside.
In Other View Point –USDJPY could start a new leg to the upside
Downside risks remain. Below 105.5, 104 will be the next clean target. BoJ officials talking down the Yen in early Asian session today. H4 closed in a doji with a bullish follow through. Yellen on tap later this evening. Above 107.665, 110.968. Current levels good to build longs, but watch for 104 downside risk. 116.5 – 116.0 is the level to watch to the upside.
Courtesy : http://www.fxempire.com/technical/technical-analysis-reports/usdjpy-forecast-june-6-2016-technical-analysis-342038