USD/JPY Bounces Off 102.00 Following Bullish Candlestick Pattern
Dailyfx | Apr 28, 2014 10:56AM ET
- USD/JPY Technical Strategy: Sidelines Preferred
- Morning Starheralded bounce to 102.70
- Hanging Man may face limited response 102.00 close by
Following USD/JPY’s run on the 102.70 level a Hanging Man formation has emerged, which warns of potential declines for the pair. However, given the strong buying support at the psychologically significant 102.00 handle, we may see limited downside follow-through.
Daily Chart - Created Using FXCM Marketscope 2.0
Drilling down to examine the four hour chart; a Piercing Line pattern near the key 102.00 handle has hinted at bounce in the session ahead. Sellers are likely to emerge again at the 102.70 mark.
Four Hour Chart - Created Using FXCM Marketscope 2.0
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By David de Ferranti, Market Analyst, FXCM
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