- 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 109.14 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.
Trend: Teasing bull reversal
|Today last price||109.06|
|Today Daily Change||0.15|
|Today Daily Change %||0.14|
|Today daily open||108.91|
|Previous Daily High||109.14|
|Previous Daily Low||108.58|
|Previous Weekly High||110.22|
|Previous Weekly Low||109.17|
|Previous Monthly High||109.8|
|Previous Monthly Low||108.43|
|Daily Fibonacci 38.2%||108.78|
|Daily Fibonacci 61.8%||108.89|
|Daily Pivot Point S1||108.64|
|Daily Pivot Point S2||108.36|
|Daily Pivot Point S3||108.13|
|Daily Pivot Point R1||109.14|
|Daily Pivot Point R2||109.36|
|Daily Pivot Point R3||109.64|
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