The daily chart of the USDJPY has formed a large Bearish Engulfing Bar (BEEB). This BEEB has formed at the near term resistance area. The low of this BEEB is now trading straight into near term support which is also a boxing/range area.
If price breaks lower, the box low would have to be taken out to see a substantial move lower. If price can break through lower the next support comes in around 77.90. If price moves back higher, the near term resistance that the Bearish Engulfing Bar rejected would look to be the major test for price to continue on up.
USDJPY DAILY CHART – 20 SEP 2012
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