Forex: USD/JPY Technical Analysis – Candle Setup Warns of Losses
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- The formation of a Bearish Engulfing candlestick pattern hints a move lower is ahead
- Initial support at 99.17 (23.6% Fib retrace); a break below that targets 98.53 (38.2% level)
- Near-term resistance at 100.22 (38.2% Fib exp); a turn above that eyeing 100.74 (50% Fib)
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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