Talking Points
- USD/JPY Technical Strategy: Longs preferred
- Evening Star may be overlooked given nearby buying support
- Harami in intraday trade suggests bounce back to range-top
USD/JPY remains compressed within a narrow trading range between 102.00 and 102.70. While an Evening Star pattern is evident on the daily, the bearish candlestick formation is made less significant by its formation within the persistent range.
USD/JPY: Range Between 102.00 and 102.70 Persists
Daily Chart - Created Using FXCM Marketscope 2.0
A Harami pattern near key support at 102.00 on the four hour chart is suggesting the potential for another run back to 102.70. This may afford traders a potential short-term buying opportunity with a target offered by the range top.
USD/JPY: Harami Near Key Support May Offer Short-Term Opportunity
Four Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, FXCM
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