USD/JPY and NZD/USD Forecast June 1, 2017

The USD/JPY pair initially tried to rally on Wednesday but turned around and felt to form a bit of a shooting star. I still see a significant amount of support just below at the 110 handle, and I believe it’s only a matter of time before the buyers return. We may have to test that large, round, psychologically significant number, and perhaps even the gap below there so that we can build up enough momentum to continue the longer-term uptrend. If we can find the right support, the market should then reach towards the 112.50 level, and a move above there should send the market to the 115 handle. Even if we break down, I believe that the 108 level will offer significant support as well, as it is a 61.8% Fibonacci retracement level. for more analysis: http://www.dailyforex.com