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USD/JPY Bears Retreat As Hammer Points To A Potential Recovery

USD/JPY Bears Retreat As Hammer Points To A Potential Recovery

2014-04-09 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/JPY Technical Strategy: Sidelines Preferred
  • Shooting Star pattern near 104.00 offered ominous warning
  • Hammer formation in intraday trade suggests a potential bounce

After staging an impressive decline the USD/JPY bears appear to be retreating following a failed attempt to push through support at 101.70. Traders will be on the lookout for a bullish reversal signal on the daily, with the four hour chart already hinting at a recovery for the pair.

USD/JPY: Shooting Star Offered Ominous Warning

USDJPY-Bears-Retreat-As-Hammer-Points-To-A-Potential-Recovery_body_Picture_2.png, USD/JPY Bears Retreat As Hammer Points To A Potential Recovery

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to examine intraday price action; the four hour chart reveals the presence of a Hammer formation which is signaling a potential bounce for USD/JPY. This puts the resistance level at 102.70 back in focus in the session ahead.

USD/JPY: Eyeing 102.70 As Next Resistance

USDJPY-Bears-Retreat-As-Hammer-Points-To-A-Potential-Recovery_body_Picture_1.png, USD/JPY Bears Retreat As Hammer Points To A Potential Recovery

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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