USD/JPY Bulls Make Another Run On 102.70 As Range Persists
- 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
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
Four Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, FXCM
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