FX.co ★ The USD/JPY pair candlestick analysis for May 17.

On a 4-hour chart the USD/JPY currency pair has formed the candlestick “Shooting star”. The long candlestick is known to be a bearish signal. Moreover, earlier the price did not manage to break through the resistance level around 93.50 - 93.75, after which there was a downfalling. A recoil from this level gave a good possibility to open short positions.
This candlestick shows that before that the currency pair made a rebound from the mark 87.97, though the bulls could not fixate at the level of 93.75, as here a strong resistance level is located.
In addition, getting through the level of 92.40 supports this viewpoint and a slide to the area of 90.20 should be expected, where there is a support level and Fibonacci correctional level of 61.8.
A day- and week-chart do not give any signals.