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Sellers returned to the USD/JPY today with the sellers making some progress in terms of net momentum. However, they failed to take control of the market.
The story here today is about the buyers losing the control that they had for the past two days.
There is a possible Bearish Engulfing Reversal Pattern in play but confirmation will be required by a lower high and lower low. Support at the Tenkan Sen at 102.50 may limit any such move.
Daily AUD/USD FX Ichimoku, Candlestick and Fibonacci analysis for December 10th 2013
Another white bodied candle for the EUR/USD today, suggesting that momentum in net terms is still with the buyers but for the 1st day in the last six, the buyers have lost control at the close of trading. They lost commitment as the market tested to within the zone of resistance extending from 1.38 up to 1.3832.
Daily GOLD Ichimoku, Candlestick and Fibonacci analysis for December 10th 2013
Sellers have taken back control at the close of trading today with a change of trend to the downside.
There is potential for a Head and Shoulders reversal pattern to form if the sellers show some commitment to taking the S&P500 lower.
However, the round number support at 1800 and the Tenkan Sen at 1796 is just below the market and may halt any attempted sell off.