Strategy: Flat
USDJPY followed a pair of Shooting Star candlesticks below resistance in the 80.19-80.28 area with a drop to support at 79.74, the 50% Fibonacci expansion. A break below this boundary exposes the 61.8% level at 79.28, while a rebound that takes out near-term resistance exposes a falling trend line set from the mid-March high, now at 80.99. We see no actionable trade setup here at the moment and will stand aside until something more compelling develops.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com
