USD/JPY Breaks 102.00 Handle Following Bullish Candlestick Pattern
USD/JPY’s recovery may be set to continue based on a Morning Star formation on the daily which has received confirmation from a successive up day. The daily close above 102.00 favors longs with a potential target offered by former resistance at 102.70.
USD/JPY: Morning Star Supports Continued Recovery
Daily Chart - Created Using FXCM Marketscope 2.0
Drilling down to examine the four hour chart; the Dark Cloud Cover formation may see little-follow through in the session ahead given the proximity to key support at 102.00.
USD/JPY: Bulls May Support Prices At Critical 102.00 Handle
Four Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, FXCM
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.