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USD/JPY 102.70 In Focus Following Bullish Intraday Signal

USD/JPY 102.70 In Focus Following Bullish Intraday Signal

2014-05-02 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/JPY Technical Strategy: Longs preferred
  • Evening Star may be overlooked given nearby buying support
  • Harami in intraday trade offered short-term buying signal

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.

Traders should be mindful of the potential for a surprise US Non-Farm Payrolls reading in the coming hours to spark significant volatility for US Dollar based pairs. The release of the figures will be covered live in DailyFX Plus.

USD/JPY: Range Between 102.00 and 102.70 Persists

USD/JPY 102.70 In Focus Following Bullish Intraday Signal

Daily Chart - Created Using FXCM Marketscope 2.0

As noted in yesterday’s candlesticks report the recent test of the range-bottom that coincided with a Harami pattern offered a short term buying opportunity. While the target offered by 102.70 remains to be hit, we remain void of a bearish reversal signal that suggests further gains are possible.

USD/JPY: Harami Near Key Support Offered Buying Signal

USD/JPY 102.70 In Focus Following Bullish Intraday Signal

Four Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

Follow David on Twitter: @Davidde

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