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Forex Strategy - USD/JPY Buyers Emerge Putting 102.70 In Focus

Forex Strategy - USD/JPY Buyers Emerge Putting 102.70 In Focus

David de Ferranti, Currency Analyst

Talking Points

  • 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

Forex-Strategy---USDJPY-Buyers-Emerge-Putting-102.70-In-Focus_body_Picture_2.png, Forex Strategy - USD/JPY Buyers Emerge Putting 102.70 In Focus

Daily Chart - Created Using FXCM Marketscope 2.0

USD/JPY: Support Found At 101.20

Forex-Strategy---USDJPY-Buyers-Emerge-Putting-102.70-In-Focus_body_Picture_1.png, Forex Strategy - USD/JPY Buyers Emerge Putting 102.70 In Focus

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.