USD/JPY Breaks 102.00 Handle Following Bullish Candlestick Pattern

Talking Points

• USD/JPY Technical Strategy: Longs Preferred

• Morning Starsuggests potential for a recovery

• Dark Cloud Cover on 4 hour chart may see limited response

USD/JPY’s recovery may be set to continue based on a Morning Star formation on the daily which has received confirmation from a successive up day. The daily close above 102.00 favors longs with a potential target offered by former resistance at 102.70.

USD/JPY: Morning Star Supports Continued Recovery

USDJPY-Breaks-102.00-Handle-Following-Bullish-Candlestick-Pattern_body_Picture_2.png, USD/JPY Breaks 102.00 Handle Following Bullish Candlestick Pattern

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to examine the four hour chart; the Dark Cloud Cover formation may see little-follow through in the session ahead given the proximity to key support at 102.00.

USD/JPY: Bulls May Support Prices At Critical 102.00 Handle

USDJPY-Breaks-102.00-Handle-Following-Bullish-Candlestick-Pattern_body_Picture_1.png, USD/JPY Breaks 102.00 Handle Following Bullish Candlestick Pattern

Four Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

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