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USD/JPY Intraday Recovery To Offer New Short Opportunities

USD/JPY Intraday Recovery To Offer New Short Opportunities

2014-05-09 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
  • Hammer may suggest intraday recovery

USD/JPY remains below the psychologically-significant 102.00 handle with the absence of a bullish reversal signal on the daily 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 Intraday Recovery To Offer New Short Opportunities

Daily Chart - Created Using FXCM Marketscope 2.0

While the daily presents a bearish context, the four hour chart suggests the potential for intraday recovery back to the 102.00 handle based on a Hammer formation. Given the lack of a bullish signal on the daily, a move back to resistance would be seen as an opportunity to enter new short positions.

USD/JPY: Hammer Suggests Intraday Recovery

USD/JPY Intraday Recovery To Offer New Short Opportunities

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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