Hammers at support

FX:USDJPY   U.S. Dollar/Japanese Yen
649 1 3
Today i want to share a simple chart, a cuple of hammers at support zone , and this could be found as well in the USDJPY             as in the EURJPY             .

I'll take the USDJPY             because seems better the risk reward ratio.

The idea is to take at least the 98.89 target because a hammer is a good early reversal under the japanese candlesticks but, find 2 hammers in the same zone is a stronger signal. Even more if you observe that after the first hammer had been formed the price refused to close below it until the last thursday and even in this case the price could not close below the low of the 2nd hammer formed the prior day.

The target is due the resistance zone starting at 98.895
7pasos PRO
3 years ago
The rally had been so fast that I start to fear a illiquid reaction to the downside so just in case, place your stop at break even.
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out