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USD/JPY - Dark Cloud Cover Receives Confirmation with Close Below 108.00 Floor May Open 107.00

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by , 10-09-2014 at 07:25 AM (913 Views)
      
   
USD/JPY continues to keep traders in suspense near the 108.00 hurdle as a Dark Cloud Cover pattern warns of weakness. A close under the 108.00 floor may herald a deeper correction to the 107.00. However, some skepticism over a continued pullback may be warranted given recent reversal signals have been met with some disdain by traders.

[U]Pullback Produces A Dark Cloud Cover Pattern
[/U]
[IMG]https://media.dailyfx.com/illustrations/2014/10/08/USDJPY-At-A-Crossroads-Near-108.00-With-A-Bearish-Pattern-In-Its-Wake_body_Picture_2.png[/IMG]

Intraday action paints a divergent picture to the daily as a Piercing Line pattern on the four hour chart offers a source of hope for the USD/JPY bulls. The reversal signal has received confirmation from a successive up period, which may be the precursor to a continued intraday advance.

[U]Piercing Line Pattern Emerges Near Critical 108.00 Barrier
[/U]
[IMG]https://media.dailyfx.com/illustrations/2014/10/08/USDJPY-At-A-Crossroads-Near-108.00-With-A-Bearish-Pattern-In-Its-Wake_body_Picture_1.png[/IMG]

By David de Ferranti, Currency Analyst, DailyFX


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