Forex Strategy - USD/JPY Buyers Emerge Putting 102.70 In Focus
- USD/JPY Technical Strategy: Pending long
- Shooting Star on the daily plays out in extended declines
- Emergence of bullish reversal signal to open advance on 102.70
USD/JPY’s recent dip developed shortly after the Shooting Star formation on the daily as noted in recent candlesticks reports. However, the pair may now face a short-term bounce with buyers acting to support prices at the 101.20 mark in intraday trade. Confirmation from a bullish reversal candlestick formation would support long positions with a potential target of 102.70.
USD/JPY: Shooting Star Plays Out
Daily Chart - Created Using FXCM Marketscope 2.0
USD/JPY: Support Found At 101.20
Four Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, FXCM
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.