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Forex Candlestick Summary
| Symbol | Trend Bias | Time Frame | Candlestick Formation | Candle Bias | Chart Links |
|---|---|---|---|---|---|
| EUR/USD | bullish | daily | BULLISH ENGULFING | bullish | View Chart |
| USD/JPY | bullish | daily | BEARISH ENGULFING | bearish | View Chart |
| GBP/USD | bearish | daily | SHOOTING STAR | bearish | View Chart |
| AUD/USD | bearish | daily | View Chart | ||
| USD/CAD | bullish | daily | MORNING STAR | bullish | View Chart |
| NZD/USD | neutral | daily | BULLISH ENGULFING | bullish | View Chart |
USD/JPY Chart Warns of Correction Ahead
USD/JPY Technical Strategy: Flat
Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. Sellers are testing below initial support at 101.84, the 14.6% Fibonacci retracement, to challenge the 23.6% level at 100.68. A break below that aims for the 38.2% level at 98.80. Near-term resistance is at 103.73, the May 22 high. We will look for a correction lower to yield a long trade opportunity.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
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