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USD/JPY Morning Star Pattern Supports Continued Recovery

USD/JPY Morning Star Pattern Supports Continued Recovery

2014-04-16 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

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

USD/JPY’s recovery may be set to continue based on a Morning Star formation on the daily which has received confirmation from a successive up day. A daily close above 102.00 would favor longs with a potential target offered by former resistance at 102.70.

USD/JPY: Morning Star Supports Continued Recovery

USDJPY-Morning-Star-Pattern-Supports-Continued-Recovery_body_Picture_2.png, USD/JPY Morning Star Pattern Supports Continued Recovery

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to examine intraday price action; the four hour chart reveals a Bullish Engulfing pattern, which is also supportive of continued gains for USD/JPY.

USD/JPY: Eyes 102.70 Following Break Above Resistance

USDJPY-Morning-Star-Pattern-Supports-Continued-Recovery_body_Picture_1.png, USD/JPY Morning Star Pattern Supports Continued 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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