News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
USDJPY: Candles Suggest Recovery Ahead

USDJPY: Candles Suggest Recovery Ahead

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

USDJPY put in a Hammer candlestick above support at 76.14, hinting a bounce is ahead. We are not keen to get involved however as prices hover near levels where Japanese authorities have previously intervened. Although a long position would be complimentary to any intervention efforts, the markets’ tendency to test policymakers’ resolve suggests we may see speculators attempt a run at the late October low at 75.56 and it is far from clear that the Ministry of Finance would necessarily step in and if so, where. As such, we will stand aside for now. A recovery from here sees initial resistance at 76.58.

USDJPY_Candles_Suggest_Recovery_Ahead_body_Picture_5.png, USDJPY: Candles Suggest Recovery Ahead

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES