Friday, February 16, 2018

Possible hammer on the USD/JPY

On the daily chart of the USD/JPY we can see that the actual daily candle has formed what it appears to be a hammer formation. The hammer is a bullish reversal pattern that is confirmed when the next candle is also bullish. The formation of the candle with its long lower shadow is indicating that the buyers have taken control of the market. If the next candle is bullish, then that is showing us that the buyers may still be in control of the market and the pair may pull back to the 108.00 level, zone that may act as resistance. The pair is clearly over-extended to the downside and that is high there is good probability of watching the USD/JPY make a correction, but the bearish trend is still in place. For now, the 109.00 level may continue acting as support.

at

8 comments:

Subscribe to: Post Comments (Atom)

WTI oil at the 200 day EMA

WTI oil breaks below the 66.27 support zone and accelerates its bearish momentum towards the 200 day EMA around the 64.30 level. We have b...

  • The USD/CAD in consolidation mode
    The USD/CAD gets tangled between the 21 day EMA and the 55 day EMA, also between the 1.2800 and the 1.3000. From this point the pair may go...
  • Gold continues consolidating
    The price of gold is still consolidating as shown on the daily chart between the 1281 as support and the 1304 as resistance. At the 1304 lev...
  • Pullback to a key level on the EUR/USD
    The EUR/USD has been very volatile lately, but it has not taken a clear a direction. The pair has been consolidating between the 1.2300 leve...