Forex Strategy - USD/JPY Slide Continues Post Shooting Star Candle
- 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
Daily Chart - Created Using FXCM Marketscope 2.0
USD/JPY: Clouds Gather Near 103.75
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.