USD/JPY Piercing Line Pattern Puts Range-Top In Focus
- USD/JPY Technical Strategy: Sidelines Preferred
- Piercing Line opens the door to a further recovery
- Range between 101.20 and 102.77 remains in play
USD/JPY has continued its recovery in recent trading which follows on from a Piercing Line pattern on the daily. While initially met with a lackluster response, the bullish candlestick signal suggests the potential for further gains. Sellers are likely to emerge at the range-top near 102.77.
USD/JPY: Piercing Line Pattern Puts Range-Top In Focus
Daily Chart - Created Using FXCM Marketscope 2.0
Similarly, a Piercing Line pattern also present on the four hour chart helped signal the potential for a USD/JPY recovery. Clearance of resistance at 102.25 suggests the potential for further gains.
USD/JPY: Buyers Push Past Resistance Post Piercing Line
Four Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Currency Analyst, DailyFX
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