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

In a 4-hour graph the USD/JPY currency pair is still trading in an uptrend.
Earlier the USD/JPY currency pair formed candlestick combination Piercing line, indicating further upside movement which was then observed.
This candlestick combination shows that the currency pair was declining for several days, but rebounded near the 79.60 level, which means that the bears could not solidify here and the bulls started to increase their influence.
Successful test of the Fibonacci correction level 23.6 denotes that this viewpoint is true. Now we should expect upside movement to 82.85-83.16 where the Fibonacci correction level 61.8 is located.
Further upside movement is also supported by the bullish candlestick combination Rising Three Methods, which will probably strengthen the upside movement.
It is worth mentioning that if the 80.36 level gets broken, long positions should be closed as it will target the pair to 79.60.