Forex Strategy: USD/JPY Hanging Man Results In Further Weakness
- 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
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
Four Hour Chart - Created Using FXCM Marketscope 2.0,Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
Follow David on Twitter: @Davidde
To receive David’s analysis directly via email, please sign up here.
Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.