USD/JPY Eyes Range-Top With Hammer Formation In Its Wake
- USD/JPY Technical Strategy: Sidelines Preferred
- Hammer Candlestick Formation Offers Bullish Signal
- Daily Close Above The 102.20 Hurdle to Open 103.00
USD/JPY is probing above the 102.20 hurdle following the emergence of a Hammer formation on the daily. A daily close above the noteworthy resistance level in the wake of the bullish reversal signal would suggest the potential for a run towards the range-top at 102.80/103.00.
USD/JPY: Daily Close Above 102.20 To Open Range-Top
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart paints a contrasting picture to the daily with a Doji near 102.40 offering a sign of indecision amongst traders. However, an absence of bearish reversal formations also casts doubt on the potential for a correction over the session ahead.
USD/JPY: Bulls Hesitate Near Intraday Resistance
Four Hour Chart - Created Using FXCM Marketscope 2.0,Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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