USD/JPY initially shot straight up for the session on Wednesday only to turn around and fall later in the session. The Federal Reserve showed that it was going to keep the interest rates low until at least the end of 2014, and as result we saw the Dollar fall in general.
The shooting star candle comes right within the resistance zone that we mentioned the other day, and as a result we are willing to sell the bottom of the daily range for Wednesday as the breaking of those lows would be a classic sell signal. We are aiming for 76.50 or so as it has been massive support.
USD/JPY Forecast January 26, 2012, Technical Analysis
Originally posted here
