FX.co ★ USD/JPY candlestick analysis for February 24, 2011

On a 4-hour graph the USD/JPY currency is declining further after it could not break the resistance level near 84.00. Besides, the pair has broken the support level near 83.00-82.25, which will probably cause a decline to 81.80.
Earlier on a 4-hour graph the USD/JPY pair has formed Hammer candlestick, indicating upside movement. This candlestick shows that the currency pair was decreasing for several days, but rebounded near 80.93.
This viewpoint is supported by the fact the pair has successfully broken the 23.6 Fibonacci correction level. Breakout of the resistance level 82.85 has targeted the pair to 84.50. 
As mentioned before, if the support level 81.80 is broken, long positions should be closed as a break of this level will cause the pair to decrease to 80.93.