The USDJPY has fired off a smallish and inconclusive Pin Bar on the daily chart. During the previous session price moved lower to test the recent support before the bulls came in to push price higher to form the small Pin Bar.
The problem with this Pin Bar is it is not as big and commanding as it could have been. The bigger the Pin Bar the more we can see if either the bulls or bears have snatched control. Price still could move higher back into the near term resistance if the bulls can keep control.
If price does fail and moves lower, the first support area is around where the Pin Bar formed. If price continues south the next level is around 86.85.
USDJPY DAILY CHART – 24th JAN 2013
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