The USD/JPY pair is declining further from 83.67 after it has successfully broken the 82.35 support level. As mentioned before, if the support level 80.93 is broken, long positions should be closed as a break of this level will cause the pair to decrease to 80.20.
Earlier on a 4-hour graph the USD/JPY pair has formed Hammer candlestick, indicating upside movement. This candlestick shows that the currency pair was decreasing for several days, but rebounded near 80.93.
by Vladimir Donin, Analytical expert , InstaForex © 2007-2011