FX.co ★ USD/JPY Candlestick Analysis for September 14, 2011

The USD/JPY pair is demonstrating a decline after growth to the Fibonacci correction level 38.2. Earlier in a 4-hour chart USD/JPY formed Long Shadows candlestick which gives a growth signal, which was confirmed later.
This candlestick demonstrates that the currency pair was declining for a few weeks but rebounded near the 75.94 level which means that the bears were not able to fixate at that level and the bulls started to prevail.
Test of the Fibonacci correction level 23.6 confirms the viewpoint. This is likely to trigger an upturn targeted to resistance at 79.42 where the Fibonacci correction level 61.8 is positioned.
The MACD divergence also confirms the increasing trend.
It should be mentioned that if 76.30 is broken, long trades must be closed as this will target the pair to 75.94.