News Column

USD/JPY Declines Continue Post Shooting Star

February 24, 2014

David de Ferranti

Talking Points

  • USD/JPY Technical Strategy: Shooting Star favors shorts
  • Recent consolidation results in Ascending Triangle formation
  • Rising trend line and 102.00 likely to offer support

    A Shooting Star candle formation on the four hour chart for USD/JPY has resulted in bearish reversal for the pair. The consolidation of prices between 102.70 and a rising trend line is suggesting USD/JPY may be heading for an imminent breakout. The resulting Ascending Triangle formation is generally considered a bullish continuation pattern, however with a downtrend having preceding it, the bias is obfuscated.

    Further declines are likely to encounter buying support at the ascending trend line and the psychologically significant 102.00 mark.

    USDJPY_Declines_Continue_Post_Shooting_Star_body_Picture_1.png, USD/JPY Declines Continue Post Shooting Star

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    Source: DailyFx

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