FX.co ★ USD/JPY candlestick analysis for June 16, 2011

In a 4-hour graph the USD/CHF currency pair has made another attempt to break the Fibonacci 38.2 correction level. At the same time the pair has successfully tested the support level 80.73.
Earlier in a 4-hour graph the USD/CHF formed a Doji candlestick, indicating upside movement confirmed further.
This candlestick shows that the pair demonstrated downside movement during several days, however, it rebounded near the 79.69 levelwhich 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 and break of the downtrend has proven this point of view.
It is worth mentioning that break of the 80.08 level implies closing long positions as it will target the pair to 79.69.