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USD/JPY Morning Star Pattern Puts Bounce On The Cards

USD/JPY Morning Star Pattern Puts Bounce On The Cards

2014-04-15 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/JPY Technical Strategy: Pending Long
  • Morning Star suggests potential for a recovery
  • Doji indicates bulls are holding back near 102.00

USD/JPY is hinting at a potential recovery based on a Morning Star formation on the daily. While considered a bullish reversal pattern, we are yet to see confirmation of the signal from a successive up day. Additionally, traders should note that strong selling pressure remains at the 102.00 handle which may act to restrain gains for the pair for the time-being. A daily close above 102.00 would favor longs with a potential target offered by former resistance at 102.70.

USD/JPY: Morning Star Hints At A Recovery

USDJPY-Morning-Star-Pattern-Puts-Bounce-On-The-Cards_body_Picture_2.png, USD/JPY Morning Star Pattern Puts Bounce On The Cards

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to examine intraday price action; the four hour chart reveals a Piercing Line pattern which is also bullish for USD/JPY. However, with a Doji near critical resistance at 102.00 the bears are seemingly unwilling to loosen their grip on prices just yet.

USD/JPY: 102.00 In Focus

USDJPY-Morning-Star-Pattern-Puts-Bounce-On-The-Cards_body_Picture_1.png, USD/JPY Morning Star Pattern Puts Bounce On The Cards

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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