USD/JPY Facing Make-Or-Break Moment On Test Of Range-Bottom
- USD/JPY Technical Strategy: Sidelines Preferred
- Facing make-or-break moment on test of key support
- Range between 101.20 and 102.77 at threat of breakout
USD/JPYis facing a make-or-break moment as the pair hurtles towards its long-held range-bottom at 101.20. A reversal pattern near the noteworthy support level would be taken as a buy signal, while a daily close outside the range would pave the way for a test of 100.75.
Daily Chart - Created Using FXCM Marketscope 2.0
Following a push to 102.10 a Dark Cloud Coverformation has delivered extended declines for USD/JPY. The emergence of a Hammer formation may be offering an early indication of a recovery for the pair. However, the pattern awaits confirmation from an ensuing up-period before being validated.
USD/JPY: Hammer Awaiting Confirmation
Four Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Currency Analyst, DailyFX
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