I am having MAC OS X(Sierra) 10.12.2.
I set JAVA_HOME to work on React Native(for Android apps) by following the following steps.
Open Terminal (Command+R, type Terminal, Hit ENTER).
Add the following lines to ~/.bash_profile.
export JAVA_HOME=$(/usr/libexec/java_home)
Now run the following command.
source ~/.bash_profile
You can check the exact value of JAVA_HOME by typing the following command.
echo $JAVA_HOME
The value(output) returned will be something like below.
/Library/Java/JavaVirtualMachines/jdk1.8.0_131.jdk/Contents/Home
That's it.