News Column

USD/JPY Intraday Recovery To Offer New Short Opportunities

May 9, 2014

David de Ferranti



Talking Points



  • USD/JPY Technical Strategy: Shorts Preferred
  • Prices break below 102.00 following Shooting Star pattern
  • Hammer may suggest intraday recovery





    USD/JPY remains below the psychologically-significant 102.00 handle with the absence of a bullish reversal signal on the daily 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 Intraday Recovery To Offer New Short Opportunities





    While the daily presents a bearish context, the four hour chart suggests the potential for intraday recovery back to the 102.00 handle based on a Hammer formation. Given the lack of a bullish signal on the daily, a move back to resistance would be seen as an opportunity to enter new short positions.





    USD/JPY: Hammer Suggests Intraday Recovery

    USD/JPY Intraday Recovery To Offer New Short Opportunities







    Follow David on Twitter: @Davidde





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










  • For more stories on investments and markets, please see HispanicBusiness' Finance Channel



    Source: DailyFx


    Story Tools






    HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters