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$USDJPY forms a bullish englufling pattern on the weekly charts: Technical Analysis 7 March 2014

$USDJPY rallied after the announcement of the $NFP (Non Farm Payroll) statistics from the Bureau of Labor in the US, a better number reported. USDJPY had been building up a positive momentum for the prior couple of days. The 6 March 2014 article discussed the possibility of the ab = cd pattern completion on the daily time frame. On Friday, the price exceeded the target of 103.30 and reached a high of about 103.75, the 127.2% projection of the line segment ab. The price close about 103.22 on Friday, just under the 61.8% retracement.

Taking a look at the longer term Weekly chart, the price closed strong forming a Bullish Engulfing Candlestick pattern. This is after the price had found support at the 100.75 level after completing an AB = CD pattern, where CD is 161.8% projection of the line segment AB when projected from point C. Also, this coincides with the 50% retracement forming a confluence of Fibonacci ratio support levels. Also, looking at the weekly HeikenAshi (Japanese average price) chart, it could be seen the candle turned green with a small body.

Weekly chart displaying the Bullish Engulfing pattern:

$USDJPY (Weekly) . Bullish Engulfing pattern. www.marketchartpattern.com

$USDJPY (Weekly) . Bullish Engulfing pattern. www.marketchartpattern.com

Weekly HeikenAshi Chart:

 

$USDJPY (Weekly)  HeikenAshi 7March 2014

$USDJPY (Weekly) HeikenAshi 7March 2014. www.marketchartpattern.com

Zooming down to the Daily chart, the target of 103.30 reached on Friday, with the price reached a high of about 103.75, the 127.2% projection of the line segment ab. The price close about 103.22 on Friday, just under the 61.8% retracement.

$USDJPY (Daily). www.marketchartpattern.com

$USDJPY (Daily). www.marketchartpattern.com

Japanese Average, HeikenAshi Daily chart shows the green candle with no lower wick, indicating positive momentum and closing above the trend line.

$USDJPY (Daily) HeikenAshi candle. www.marketchartpattern.com

$USDJPY (Daily) HeikenAshi candle. www.marketchartpattern.com

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