News Column

USD/JPY Bears In Control Sub 102.00 With Reversal Signal Lacking

May 8, 2014

David de Ferranti



Talking Points



  • USD/JPY Technical Strategy: Shorts Preferred
  • Prices break below 102.00 following Shooting Star pattern
  • Doji suggests some hesitation from the bears in intraday trade





    USD/JPY remains below the psychologically-significant 102.00 handle with the absence of a bullish reversal signal making a bounce look unlikely at this stage. Further declines may be met by buying support at the 101.20 mark.





    USD/JPY: Open To Further Declines With Bullish Candlestick Missing

    USD/JPY Bears In Control Sub 102.00 With Reversal Signal Lacking





    Examining the four hour chart; the Doji near 102.00 signaled a lack of conviction amongst the bulls near the key resistance level. With a bullish reversal pattern also absent in intraday trade, the potential for a bounce may be limited.





    USD/JPY: Bulls Lose Steam On Retest Of 102.00

    USD/JPY Bears In Control Sub 102.00 With Reversal Signal Lacking







    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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