USD/JPY – Technical Analysis (10.11.2014)
The bearish engulfing pattern, which occurred on a daily frame on Friday, signals that the USD/JPY is set for a pullback after its impressive rally in the last 10 days. It should be noted, however, that any pullback will be only corrective in nature and will precede yet another upside move.
As stated above, the short-term bias is negative for a slide toward 114.05, en route to the 113.15 support. Initial resistance is expected at 115.50.
