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Forex Strategy - USD/JPY Correction Continues Post Shooting Star

Forex Strategy - USD/JPY Correction Continues Post Shooting Star

2014-03-13 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/JPY Technical Strategy: Shorts preferred
  • A Dark Cloud Cover formation suggests further declines
  • Daily also hinting at a correction against the backdrop of an uptrend

The Dark Cloud Cover candlestick pattern on the four hour chart continues to warn of declines for USD/JPY following a break below the psychologically-significant 103.00 handle. The 50% Fib Retracement level appears to be offering some intraday support, however a break may quickly open up the 102.17 mark.

The daily chart has also revealed the potential for a correction given the Shooting Star formation near 103.50, which has received confirmation from a successive down day. However, an uptrend is also evident on the daily, demonstrated by prices being above the 20 SMA, suggesting caution is needed when looking at shorts.

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

Forex_Strategy_-_USDJPY_Correction_Continues_Post_Shooting_Star_body_Picture_2.png, Forex Strategy - USD/JPY Correction Continues Post Shooting Star

Four Hour Chart - Created Using FXCM Marketscope 2.0

Forex_Strategy_-_USDJPY_Correction_Continues_Post_Shooting_Star_body_Picture_1.png, Forex Strategy - USD/JPY Correction Continues Post Shooting Star

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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