Thursday, March 3, 2011

Chart in Focus

USDJPY Daily Chart:


USDJPY H4 Chart:



This pair currency has formed a couple of nice setups for the last few days. In the daily chart, there is a bearish pin bar formed along the significant resistance line near 82.00. The price has broken the low of the pin bar and retraced above from yesterday's close, but we may see a further short to the next support line near 81.00, or possibly 80.50.
There is also a fakey setup formed in the H4 chart and looks like it has some room for a short to 81.00.

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