Strategy: Flat

USDJPY put in a bearish Shooting Star candlestick below resistance at 78.20 and moved lower, with sellers working their way through support in the 77.33-77.48 region. The risk/reward profile of the setup argues against entering short at current levels with prices squarely at support and we will stand aside for now.

USDJPY_Downswing_Begins_at_Range_Top_body_Picture_5.png, USDJPY: Downswing Begins at Range Top

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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