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USD/JPY Clears 102.00 As Harami Suggests Further Gains

USD/JPY Clears 102.00 As Harami Suggests Further Gains

2014-05-13 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/JPY Technical Strategy: Longs Preferred
  • Push back above 120.00 opens 102.70
  • Harami pattern supports further gains

USD/JPY’s push past 102.00 following the Harami formation on the daily puts the next noteworthy resistance level at 102.70 on the cards. The absence of a bearish signal on the daily and four hour charts gives little indication of a potential intraday reversal.

USD/JPY: Prices Push Past 102.00 Following Harami Pattern

USD/JPY Clears 102.00 As Harami Suggests Further Gains

Daily Chart - Created Using FXCM Marketscope 2.0

An examination of intraday price action on the chart below highlights the hesitation from the bulls near 102.00. However following a push past the psychologically-significant level of resistance USD/JPY is eying the 102.70 mark.

USD/JPY: Hammer Foreshadowed Recovery

USD/JPY Clears 102.00 As Harami Suggests Further Gains

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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