Hammer Pattern on USD/JPY Daily Chart

[DannyBly]

A hammer bullish reversal pattern formed on yesterday's USD/JPY chart.

Resistance overhead around 94.373.

This reversal is taking place within the context of a strong uptrend on the daily and weekly charts.

Keep in mind some important fundamental factors are in play.

A two-day Bank of Japan monetary policy meeting starts today, it's first lead by new Governor Haruhiko Kuroda.

 

[TradeCuts]

Hi,
Hi,
As opposed to the other Yen currency pairs, today Usd/Jpy is forecasted to go long.
Yens continued their journey in descending channels and are testing the lower trend line. Current price action along with resistance and European currencies getting weaker, indicate at shorts in most pairs except Usd/Jpy.
Best,
TradeCuts
http://www.trade2win.com/boards/forex/170022-tradecuts-technical-analysis.html#post2106500

 

[TheLastBear]

This pair went on a bounce only thanks to the Bank of Japan. Technical analysis has almost been rendered useless due to the manipulation by Japan.