News Column

USD/JPY 102.70 In Focus Following Bullish Intraday Signal

May 2, 2014

David de Ferranti



Talking Points



  • USD/JPY Technical Strategy: Longs preferred
  • Evening Star may be overlooked given nearby buying support
  • Harami in intraday trade offered short-term buying signal





    USD/JPY remains compressed within a narrow trading range between 102.00 and 102.70. While an Evening Star pattern is evident on the daily, the bearish candlestick formation is made less significant by its formation within the persistent range.







    USD/JPY: Range Between 102.00 and 102.70 Persists

    USD/JPY 102.70 In Focus Following Bullish Intraday Signal





    As noted in yesterday's candlesticks report the recent test of the range-bottom that coincided with a Harami pattern offered a short term buying opportunity. While the target offered by 102.70 remains to be hit, we remain void of a bearish reversal signal that suggests further gains are possible.



    USD/JPY: Harami Near Key Support Offered Buying Signal

    USD/JPY 102.70 In Focus Following Bullish Intraday Signal







    Follow David on Twitter: @Davidde





    Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.










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    Source: DailyFx


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