Talking Points
- USD/JPY Technical Strategy: Longs Preferred
- Morning Starsuggests potential for a recovery
- Dark Cloud Cover on 4 hour chart may see limited response
USD/JPY’s recovery may be set to continue based on a Morning Star formation on the daily which has received confirmation from a successive up day. The daily close above 102.00 favors longs with a potential target offered by former resistance at 102.70.
USD/JPY: Morning Star Supports Continued Recovery
Daily Chart – Created Using FXCM Marketscope 2.0
Drilling down to examine the four hour chart; the Dark Cloud Cover formation may see little-follow through in the session ahead given the proximity to key support at 102.00.
USD/JPY: Bulls May Support Prices At Critical 102.00 Handle
Four Hour Chart – Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, FXCM
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