News Column

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

February 12, 2014

David de Ferranti



Talking Points



  • USD/JPY Technical Strategy: Hanging man continues to warn of potential weakness
  • Stalling of the uptrend on the pair may open up support level at 102.00
  • Risk -reward at current prices is not optimal for new shorts



    The recent uptrend in USD/JPY appears to have stalled following the formation of a Hanging Man candle pattern on the 4 hour chart. This comes as sellers continue to suppress gains in the pair around the 102.63 level of resistance.



    A potential target for short positions is offered by the 102.00 support mark which coincides with the 38.2% Fib Retracement level. However, the risk-reward on new shorts at current levels is less than ideal.





    Forex_Strategy_USDJPY_Hanging_Man_Results_In_Further_Weakness_body_Picture_1.png, Forex Strategy: USD/JPY Hanging Man Results In Further Weakness






















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    Source: DailyFx


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