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Forex Strategy: USD/JPY Consolidation Continues As 102.50 Caps Gains

Forex Strategy: USD/JPY Consolidation Continues As 102.50 Caps Gains

2014-03-27 11:49:00
David de Ferranti, Currency Analyst

Talking Points

  • USD/JPY Technical Strategy: Longs preferred on breakout
  • Dojis on both the daily and four hourly charts suggest indecision
  • Clearance of resistance at 102.50/70 may open advance to 103.50

USD/JPY’s consolidation has continued with several Doji formations on the daily denoting some deliberation amongst the bulls just shy of the 102.50/70 mark. New longs are better served on a clearance of the notable level of resistance, which would likely open up103.50.

USD/JPY: Dojis Denote Deliberation

Forex-Strategy-USDJPY-Consolidation-Continues-As-102.50-Caps-Gains_body_Picture_2.png, Forex Strategy: USD/JPY Consolidation Continues As 102.50 Caps Gains

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart; there is evidence of a drawn-out struggle between the bulls and bears around the critical 102.50 intraday resistance level. While the Doji candlesticks signal indecision, a bearish reversal pattern would be required to support a bearish technical bias for USD/JPY.

USD/JPY: Intraday Resistance Holds At 102.40/50

Forex-Strategy-USDJPY-Consolidation-Continues-As-102.50-Caps-Gains_body_Picture_1.png, Forex Strategy: USD/JPY Consolidation Continues As 102.50 Caps Gains

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.