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USD/JPY Bulls Make Another Run On 102.70 As Range Persists

USD/JPY Bulls Make Another Run On 102.70 As Range Persists

David de Ferranti, Currency Analyst

Talking Points

  • USD/JPY Technical Strategy: Pending Long
  • Daily close above 102.70 may offer new buying opportunity
  • Hanging man awaits close of candle before offering bearish signal

USD/JPY is making another run at the 102.70 resistance level in European trading as the pair continues to recover ground lost earlier in the session. While a Hanging Man appears to be forming, the close of the candle is required before offering a bearish signal. With prices compressed within such a narrow range over the past two weeks we may be looking at an imminent breakout for the pair.

USD/JPY: Close Above 102.70 To Offer Buying Opportunity

USD/JPY Bulls Make Another Run On 102.70 As Range Persists

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to examine the four hour chart; the Piercing Line pattern near the key 102.00 handle hinted at bounce for USD/JPY. While some Dojis during recent trading suggest some hesitation from the bulls, a bearish reversal signal is seemingly absent in intraday trade. This may leave prices poised for another test of 102.70 during the session ahead.

USD/JPY: 102.70 Continues To Gain Gains In Intraday Trade

USD/JPY Bulls Make Another Run On 102.70 As Range Persists

Four Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

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