We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
USD/JPY Bounces Off 102.00 Following Bullish Candlestick Pattern

USD/JPY Bounces Off 102.00 Following Bullish Candlestick Pattern

2014-04-28 11:49:00
David de Ferranti, Currency Analyst
Share:

Talking Points

  • USD/JPY Technical Strategy: Sidelines Preferred
  • Morning Starheralded bounce to 102.70
  • Hanging Man may face limited response 102.00 close by

Following USD/JPY’s run on the 102.70 level a Hanging Man formation has emerged, which warns of potential declines for the pair. However, given the strong buying support at the psychologically significant 102.00 handle, we may see limited downside follow-through.

USD/JPY: Hanging Man See Limited Response

USD/JPY Bounces Off 102.00 Following Bullish Candlestick Pattern

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to examine the four hour chart; a Piercing Line pattern near the key 102.00 handle has hinted at bounce in the session ahead. Sellers are likely to emerge again at the 102.70 mark.

USD/JPY: Bulls Support Prices At Critical 102.00 Handle

USD/JPY Bounces Off 102.00 Following Bullish Candlestick Pattern

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.

DISCLOSURES

News & Analysis at your fingertips.