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Forex Strategy - USD/JPY Aims Higher As Shooting Star Shrugged Off

Forex Strategy - USD/JPY Aims Higher As Shooting Star Shrugged Off

2014-03-07 11:49:00
David de Ferranti, Currency Analyst

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Talking Points

  • USD/JPY Technical Strategy: Longs preferred
  • Recent gains arose post Piercing Line formation
  • Shooting Star fails to receive confirmation

The USD/JPY bears were overpowered in recent trading as the bulls took and pushed prices above the prior range-top resistance level at 102.70. This follows on from a lack of confirmation for a Shooting Star candle formation noted on the four hour chart.

With a bearish reversal pattern seemingly absent, there is a hint that USD/JPY could continue to travel higher, with sellers likely to emerge at the 103.50 level (pictured on the daily).

Traders should note that key fundamental event risk looms ahead. One of the most influential data releases of the month, US Non-Farm-Payrolls, is due to cross the wires in the US session, and may negate technical signals offered on USD/JPY.

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

Forex_Strategy_-_USDJPY_Aims_Higher_As_Shooting_Star_Shrugged_Off_body_Picture_2.png, Forex Strategy - USD/JPY Aims Higher As Shooting Star Shrugged Off

Four Hour Chart - Created Using FXCM Marketscope 2.0

Forex_Strategy_-_USDJPY_Aims_Higher_As_Shooting_Star_Shrugged_Off_body_Picture_1.png, Forex Strategy - USD/JPY Aims Higher As Shooting Star Shrugged Off

Daily 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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