Forex Analysis: USD/JPY Chart Hints at Pullback
Prices put in Shooting Star candlestick below resistance at 89.09, the 50% Fibonacci expansion, warning a move lower may be ahead. Initial support is at 88.55, marked by the 38.2% Fib, with a break below that targeting the January 4 high at 88.40. Alternatively, a break higher targets the 61.8% Fib at 89.63. We will look for a pullback to yield a long trade setup in line with our long-term view.
4hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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