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USD/JPY Sets Sights On 103.00 Following Key Reversal Pattern

USD/JPY Sets Sights On 103.00 Following Key Reversal Pattern

David de Ferranti, Currency Analyst

Talking Points

  • USD/JPY Technical Strategy: Longs Preferred
  • Hammer Candlestick Formation Offers Bullish Signal
  • Daily Close Above The 102.20 Hurdle Opens 103.00

USD/JPY has edged out a daily close above the 102.20 hurdle which alongside a Hammer formation which together suggests the potential for a test of the 103.00 range-top. At this stage an absence of bearish reversal signals leaves the bias skewed to the upside.

USD/JPY: Daily Close Above 102.20 Opens Range-Top

USD/JPY Sets Sights On 103.00 Following Key Reversal Pattern

Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

The four hour chart offered an early indication of a recovery for USD/JPY following the emergence a Piercing Line pattern near 102.00. Clearance of intraday resistance at 102.40 with bearish reversal signals lacking puts the spotlight on 102.75/103.00.

USD/JPY: Piercing Line Offered Intraday Reversal Signal

USD/JPY Sets Sights On 103.00 Following Key Reversal Pattern

Four Hour Chart - Created Using FXCM Marketscope 2.0,Volume Indicator Available Here

By David de Ferranti, Currency Analyst, DailyFX

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