USDJPY: Shooting Star Candle Halts Recovery.
USDJPY- The pair reversed its intra day gains and closed lower on Monday printing a shooting star candle(top reversal signal). With that seen, a follow through lower now seen is expected to confirm the efficacy of that candle pattern suggesting lower prices towards the 88.00 level where an invalidation will turn focus to the 87.10 level (bottom). A sustained break will target key supports located at the 86.00 level and then the 85.00 level, its psycho levels. Conversely, the risk to this analysis will be a return above its Monday high at the 90.45 level with further upside gains pushing the pair higher towards the 91.57 level, its Sept 24’09 low. Further out, resistance is seen at the 92.57 level where a cap is expected. On the whole, USDJPY looks to resume its ST declines having lost momentum at the 90.45 level.
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