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USDJPY: Candle Pattern Marks Sharp Pullback

USDJPY: Candle Pattern Marks Sharp Pullback

2012-08-24 12:08:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Flat

Prices declined as expected after putting in a bearish Dark Cloud Cover candlestick pattern below resistance at 79.58, the 61.8% Fibonacci retracement. Near-term support is now seen at a falling trend line set from late June (78.16), with a break below that exposing 77.96. Resistance is found at 78.65, with a push back above that targeting the 79.12-26 area marked by a former range bottom and the 50% Fib. Risk/reward considerations argue against entering a trade at current levels and we will stand side for now.

USDJPY_Candle_Pattern_Marks_Sharp_Pullback_body_Picture_5.png, USDJPY: Candle Pattern Marks Sharp Pullback

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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