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USDJPY Technical Analysis - Bearish Engulfing Pattern Finds Confirmation

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by , 10-04-2014 at 06:50 PM (1249 Views)
      
   
[LIST][*]USD/JPY Technical Strategy: Sidelines Preferred[*]Bearish Engulfing Pattern Finds Confirmation[*]Close Below 108.00 Floor May Open 107.00[/LIST]
USD/JPY is at a critical juncture as the confirmation of a Bearish Engulfing formation warns of a deeper setback for the pair. A close under the 108.00 floor would be required to open the next leg lower to the 107.00 barrier.

[U]Bearish Engulfing Pattern Receives Confirmation[/U]
[IMG]https://media.dailyfx.com/illustrations/2014/10/03/USDJPY-Bearish-Engulfing-Pattern-Warns-Of-Weakness_body_Picture_2.png[/IMG]

The four hour chart paints a less discouraging picture for the pair. A Harami candlestick pattern offered an early indication of an intraday rebound. While a Doji suggests some waning momentum a correction over the session ahead is made questionable by an absence of key reversal signals.
[U]
Harami Heralded Intraday Rebound[/U]

[IMG]https://media.dailyfx.com/illustrations/2014/10/03/USDJPY-Bearish-Engulfing-Pattern-Warns-Of-Weakness_body_Picture_1.png[/IMG]


By David de Ferranti, Currency Analyst, DailyFX


[URL="http://www.dailyfx.com/forex/technical/candlesticks/usd-jpy/2014/10/03/USDJPY-Bearish-Engulfing-Pattern-Warns-Of-Weakness.html"]More...[/URL]

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