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
More View more
Forex Strategy - USD/JPY Slide Continues Post Shooting Star Candle

Forex Strategy - USD/JPY Slide Continues Post Shooting Star Candle

David de Ferranti, Currency Analyst

Talking Points

  • USD/JPY Technical Strategy: Shorts preferred
  • Shooting Star on the daily plays out
  • Buyers may arrest declines at 101.40

The Shooting Star formation noted in recent reports has resulted in continued declines for USD/JPY. While a bearish bias is retained, further falls may be limited given strong buying support near the 101.40 mark. A break below there would afford new short entries would open up the 2014 low near 100.70.

USD/JPY: Shooting Star Plays Out

Forex_Strategy_-_USDJPY_Slide_Continues_Post_Shooting_Star_Candle_body_Picture_2.png, Forex Strategy - USD/JPY Slide Continues Post Shooting Star Candle

Daily Chart - Created Using FXCM Marketscope 2.0

USD/JPY: Clouds Gather Near 103.75

Forex_Strategy_-_USDJPY_Slide_Continues_Post_Shooting_Star_Candle_body_Picture_1.png, Forex Strategy - USD/JPY Slide Continues Post Shooting Star Candle

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.

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

DISCLOSURES