The USD/JPY Move to the Upside Is Stalling

USD/JPY formed a double bottom above the support 100.08 but it appears that the current move to the upside will stall at least for now, because the pair reached the resistance at 101.75 and formed a very impressive shooting star candlestick on the four-hour time-frame which is a signal for a new move to the downside. That said, the pair is currently also testing the support at 101.30, which coincides with (MA)89 on the same time-frame and whether USD/JPY will continue dropping depends on whether it will break below that support. If it does we will likely see a further drop towards the next support at 100.70 or even towards the 100.08 level where the double bottom is.