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Forex Strategy: USD/JPY Hanging Man Results In Further Weakness

Forex Strategy: USD/JPY Hanging Man Results In Further Weakness

2014-02-13 02:00:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/JPY Technical Strategy: Hanging man continues to warn of potential weakness
  • Stalling of the uptrend on the pair may open up support level at 102.00
  • Risk –reward at current prices is not optimal for new shorts

The recent uptrend in USD/JPY appears to have stalled following the formation of a Hanging Man candle pattern on the 4 hour chart. This comes as sellers continue to suppress gains in the pair around the 102.63 level of resistance.

A potential target for short positions is offered by the 102.00 support mark which coincides with the 38.2% Fib Retracement level. However, the risk-reward on new shorts at current levels is less than ideal.

Confirm your chart-based trade setups with the Technical Analyzer.

Forex_Strategy_USDJPY_Hanging_Man_Results_In_Further_Weakness_body_Picture_1.png, Forex Strategy: USD/JPY Hanging Man Results In Further Weakness

Four Hour Chart - Created Using FXCM Marketscope 2.0

--- Written by David de Ferranti, Market Analyst, FXCM

Contact and follow David on Twitter: @Davidde

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