The Shooting Star formation noted in recent reports has resulted in continued declines for USD/JPY. While a bearish bias is retained, further falls may be limited given strong buying support near the 101.40 mark. A break below there would afford new short entries would open up the 2014 low near 100.70.
USD/JPY: Shooting Star Plays Out
Daily Chart - Created Using FXCM Marketscope 2.0
USD/JPY: Clouds Gather Near 103.75
Four Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, FXCM
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