Forex Strategy - USD/JPY Piercing Line Pattern Opens Advance To 102.70
- USD/JPY Technical Strategy: Longs preferred
- Piercing Line formation opens advance to 102.70
- Warnings of intraday weakness on the four hour chart
USD/JPY: Piercing Line Offers Bullish Reversal Signal
Daily Chart - Created Using FXCM Marketscope 2.0
However, there are warnings signs of an intraday dip for USD/JPY based on the Hanging Man formation that has emerged on the four hour timeframe. The scope for a decline may be limited given the strong buying support evident at 101.20 (as also noted on the daily).
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.