USD/JPY Breaks 102.00 Handle Following Bullish Candlestick Pattern
- USD/JPY Technical Strategy: Longs Preferred
- Morning Starsuggests potential for a recovery
- Dark Cloud Cover on 4 hour chart may see limited response
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. The daily close above 102.00 favors longs with a potential target offered by former resistance at 102.70.
USD/JPY: Morning Star Supports Continued Recovery
Daily Chart - Created Using FXCM Marketscope 2.0
Drilling down to examine the four hour chart; the Dark Cloud Cover formation may see little-follow through in the session ahead given the proximity to key support at 102.00.
USD/JPY: Bulls May Support Prices At Critical 102.00 Handle
Four Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, FXCM
Follow David on Twitter: @Davidde
To receive David’s analysis directly via email, please sign up here.
Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.