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Lucas: Nailing the Small Hammer in USDJPY

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Steve Lucas sees a Daily Shooting Star in USDJPY as a signal of a temporary profit taking pullback but has also noted buyers returning to the pair on Tuesday. The recovery posting a Small Hammer pattern which Steve believes offers a trade opportunity. 

Steve says his call is to buy either at 119.40 with a stop at 119.14, the 50 day average rate.

Or to buy at 120.23, just above this week’s high with a stop loss at 119.90.

Targets: 120.77, Friday’s open, and 120.92, a daily bear trend.