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31 Jan 2020

USD/JPY Price Analysis: Hammer hinting at bullish reversal

  • USD/JPY charted a long-tailed hammer candle on Thursday. 
  • A strong follow-through on Friday is needed to confirm bullish reversal. 

USD/JPY is currently trading at 109.03, representing a 0.10% gain on the day, having hit a high and low of 109.35 and 108.88, respectively. 

The pair is looking to post a bullish follow-through to the classic long-tailed hammer candle created on Thursday. That candle is widely considered an early sign of bullish reversal, the trend change, however, requires confirmation from a successive up-day

Put simply, a bullish reversal would be confirmed if the pair prints a close above 109.06 on Friday. That would open the doors for a rise to resistance at 109.70. 

On the other hand, if the pair fails to close above 109.06, the pair could see consolidation. Meanwhile, a close below Thursday’s low of 108.58 would expose the Jan. 8 low of 107.65. 

Daily chart

Trend: Teasing bull reversal

Technical levels

 

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