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Forex Strategy: USD/JPY Hanging Man Emerges After Test of 104.00

Forex Strategy: USD/JPY Hanging Man Emerges After Test of 104.00

David de Ferranti, Currency Analyst

Talking Points

  • USD/JPY Technical Strategy: Longs preferred
  • Bearish reversal signal emerges following test of 104.00
  • Dip back to 103.50 to offer new long opportunities

The USD/JPY bulls have halted their charge at the psychologically-significant 104.00 handle. While a bearish reversal signal is lacking on the daily, intraday price action suggests the potential for a dip. A correction back to prior resistance at 103.50 would be seen as an opportunity to enter new long positions.

USD/JPY: 104.00 Prompts Bulls To Pause

Forex-Strategy-USDJPY-Hanging-Man-Emerges-After-Test-of-104.00_body_Picture_2.png, Forex Strategy: USD/JPY Hanging Man Emerges After Test of 104.00

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart; a test of the 104.00 handle in Asian trading has prompted the formation of a Hanging Man candlestick, which offers an ominous warning. However, the bearish reversal signal awaits confirmation from a successive down period, which if received, would likely prompt a dip back to 103.60

USD/JPY: Hanging Man Near Key Resistance Offers Warning

Forex-Strategy-USDJPY-Hanging-Man-Emerges-After-Test-of-104.00_body_Picture_1.png, Forex Strategy: USD/JPY Hanging Man Emerges After Test of 104.00

Four Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

Follow David on Twitter: @Davidde

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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