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Bank of England Tapers QE Purchases, leaves Bank Rate & APF Target Unchanged

Forex Strategy: USD/JPY Hanging Man Results In Further Weakness

Forex Strategy: USD/JPY Hanging Man Results In Further Weakness

David de Ferranti, Currency Analyst

Talking Points

  • USD/JPY Technical Strategy: Sidelines Preferred
  • Hanging Man Arises At Critical 108.00 Handle
  • H4 Chart Indicates Tug-Of-War With Dojis In Tow

USD/JPY has managed to regain some lost ground, yet while in the shadow of a Hanging Man there may be limited scope for further gains. A deeper setback to former resistance-turned-support at 107.25 may see buying interest renewed.

USD/JPY: Reversal Signal Emerges At 108.00 Handle

Forex Strategy: USD/JPY Hanging Man Results In Further Weakness

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

The four hour chart paints a less negative picture than the daily with a consolidation over the past several sessions evident. Yet the proximity to the recent peaks and a pair of Dojis suggests the bulls are hesitant to lead the pair higher.

USD/JPY: Dojis Suggest Indecision Near Recent Peaks

Forex Strategy: USD/JPY Hanging Man Results In Further Weakness

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

By David de Ferranti, Currency Analyst, DailyFX

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