View RSS Feed

TechnoMeter

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

Rate this Entry
by , 10-09-2014 at 08:25 AM (1215 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.

Pullback Produces A Dark Cloud Cover Pattern



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.

Piercing Line Pattern Emerges Near Critical 108.00 Barrier



By David de Ferranti, Currency Analyst, DailyFX


More...[/QUOTE]

Submit "USD/JPY - Dark Cloud Cover Receives Confirmation with Close Below 108.00 Floor May Open 107.00" to Google Submit "USD/JPY - Dark Cloud Cover Receives Confirmation with Close Below 108.00 Floor May Open 107.00" to del.icio.us Submit "USD/JPY - Dark Cloud Cover Receives Confirmation with Close Below 108.00 Floor May Open 107.00" to Digg Submit "USD/JPY - Dark Cloud Cover Receives Confirmation with Close Below 108.00 Floor May Open 107.00" to reddit

Comments