USD/JPY Sets Sights On 103.00 Following Key Reversal Pattern

By DailyFx | August 13, 2014 AAA

DailyFX.com -

Talking Points

  • USD/JPY Technical Strategy: Longs Preferred
  • Hammer Candlestick Formation Offers Bullish Signal
  • Daily Close Above The 102.20 Hurdle Opens 103.00

USD/JPY has edged out a daily close above the 102.20 hurdle which alongside a Hammer formation which together suggests the potential for a test of the 103.00 range-top. At this stage an absence of bearish reversal signals leaves the bias skewed to the upside.

USD/JPY: Daily Close Above 102.20 Opens Range-Top

USD/JPY Sets Sights On 103.00 Following Key Reversal Pattern

Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

The four hour chart offered an early indication of a recovery for USD/JPY following the emergence a Piercing Line pattern near 102.00. Clearance of intraday resistance at 102.40 with bearish reversal signals lacking puts the spotlight on 102.75/103.00.

USD/JPY: Piercing Line Offered Intraday Reversal Signal

USD/JPY Sets Sights On 103.00 Following Key Reversal Pattern

Four Hour Chart - Created Using FXCM Marketscope 2.0,Volume Indicator Available Here

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @Davidde

To receive David’s analysis directly via email, please sign up here.

Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

comments powered by Disqus
Related Forex Analysis
  1. USD/JPY anchored on 108 handle
    Forex News

    USD/JPY anchored on 108 handle

  2. USD/JPY Remains Capped by Former Support Ahead of FOMC, BoJ Meeting
    Forex News

    USD/JPY Remains Capped by Former Support Ahead of FOMC, BoJ Meeting

  3. USD/JPY struggles to hold above 108.00
    Forex News

    USD/JPY struggles to hold above 108.00

  4. USD/JPY eyes next week data as key - Scotiabank
    Forex News

    USD/JPY eyes next week data as key - Scotiabank

  5. USD/JPY consolidating is latest gains around 108.00 - FXStreet
    Forex News

    USD/JPY consolidating is latest gains around 108.00 - FXStreet

Trading Center