USD/JPY Clears 102.00 As Harami Suggests Further Gains
- 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.
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
Four Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, DailyFX
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