CityIndex

Double bottom forms on USD/JPY

Long
CITYINDEX:USDJPY   U.S. Dollar / Japanese Yen
USD/JPY remains within a bullish trend on the daily chart , although prices have retraced -9.4% from its 24-year high. Prices have held above the 137.70 area and produced a double bottom pattern, with a bullish divergence on the stochastic oscillator. Two small bullish hammers have also formed to suggest the markets is trying to form a swing low. The bias remains bullish above the recent low, and we anticipate a break above 140 and an initial move to 142.

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