Prices put in a Bearish Engulfing pattern, hinting a move lower is ahead. The move downward may pave the way to the completion of a Head and Shoulders top. Confirmation of the setup requires a break below support at 139.13, the 23.6% Fibonacci retracement. Near-term resistance is at 144.79, the January 14 high.

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
To be added to Ilya's e-mail distribution list, please CLICK HERE
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed