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USD/JPY Bears In Control Sub 102.00 With Reversal Signal Lacking

USD/JPY Bears In Control Sub 102.00 With Reversal Signal Lacking

2014-05-08 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/JPY Technical Strategy: Shorts Preferred
  • Prices break below 102.00 following Shooting Star pattern
  • Doji suggests some hesitation from the bears in intraday trade

USD/JPY remains below the psychologically-significant 102.00 handle with the absence of a bullish reversal signal making a bounce look unlikely at this stage. Further declines may be met by buying support at the 101.20 mark.

USD/JPY: Open To Further Declines With Bullish Candlestick Missing

USD/JPY Bears In Control Sub 102.00 With Reversal Signal Lacking

Daily Chart - Created Using FXCM Marketscope 2.0

Examining the four hour chart; the Doji near 102.00 signaled a lack of conviction amongst the bulls near the key resistance level. With a bullish reversal pattern also absent in intraday trade, the potential for a bounce may be limited.

USD/JPY: Bulls Lose Steam On Retest Of 102.00

USD/JPY Bears In Control Sub 102.00 With Reversal Signal Lacking

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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