FX.co ★ USD/JPY technical overview for May 16, 2011

The yen is demonstrating a short-term consolidation of the price. The Fibonacci level 23.6 is providing support at the moment. Today we should expect another stop and reverse near this level. The parabolic SAR system also acts as a weak resistance level and limits the upside movement of the price. The Stochastic oscillator indicates overbought price. Therefore, today we should expect downside movement.