USD/JPY Left Hanging Near 105 As A Harami Pattern Awaits Confirmation
Talking Points
- USD/JPY Technical Strategy: Pending Long
- Harami Awaiting Confirmation To Warn Of A Correction
- Bullish Engulfing Formation Hints At Intraday Recovery
USD/JPYhas been left in a precarious position as Harami threatens to topple the pair. If confirmed by an ensuing down session it could signal a correction towards buying support at the 104.25 floor. However, against the backdrop of a short-term uptrend buying dips would be preferred.
Harami Awaiting Confirmation To Warn Of A Correction
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The four hour chart offered an early indication that USD/JPY’s upside momentum was fading. A Doji formation near 105.28 signaled hesitation from the bulls. The emergence of a key reversal pattern near intraday support at 104.73 offers some hope for a retest of the pair’s recent highs.
Key Reversal Pattern Emerges In Intraday Trade
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By David de Ferranti, Currency Analyst, DailyFX
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USD/JPY Upside Momentum Fades As A Gravestone Doji Takes Shape
Talking Points
- USD/JPY Technical Strategy: Pending Long
- Gravestone Doji Takes Shape As Upside Momentum Fades
- Dark Cloud Cover On H4 Timeframe Offered An Early Warning
USD/JPYis struggling to sustain its upside momentum as a Gravestone Doji takes shape on the daily. While a sign of indecision from traders the candlestick pattern is not considered a key reversal formation. This in turn casts some doubt over the potential for a sustained correction from the pair. Against the backdrop of a sustained uptrend buying dips is preferred.
Gravestone Doji Rising Near 2014 Highs
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The four hour chart offered an early indication that USD/JPY’s upside momentum was fading. A Dark Cloud Cover formation near 105.65 signaled a shift in sentiment during the session. Buying interest is likely to be renewed at the psychologically-significant 105.00 handle.
Key Reversal Pattern Emerges In Intraday Trade
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By David de Ferranti, Currency Analyst, DailyFX
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USD/JPY Ascent Above 107.00 May Extend With Reversal Signals Missing
Talking Points
- USD/JPY Technical Strategy: Longs Preferred
- Daily Close Above 107.00 Opens Grind Towards 108.00
- Correction Questionable Amid Void Of Reversal Candles
USD/JPY’s upward journey has endured as a lack of key reversal candlesticks indicate the potential for further gains. The daily close above the 107 hurdle may set the pair up for a grind towards the next psychologically-significant ceiling at 108.00.
Lack of Reversal Signals Opens Further Gains
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The four hour chart reveals a congestion zone has formed between 107.00 and 107.40. A medley of short body sessions and Doji candlesticks highlights indecision amongst traders. Yet the bulls appear unprepared to relinquish their grip on prices amid a void of bearish reversal signals. This leaves the risks skewed to the upside.
Climb Encounters Congestion, Yet Bulls Remain In Control
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By David de Ferranti, Currency Analyst, DailyFX
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USD/JPY Bulls Catch Their Breath As A Doji Denotes Indecision
Talking Points
- USD/JPY Technical Strategy: Longs Preferred
- Doji Suggests Some Indecision, Yet Reversal Signals Absent
- Daily Close Above 107.00 May Open Grind Towards 108.00
USD/JPYtraders are showing signs of indecision as denoted by a Doji on the daily. Yet in the absence of clear reversal signals there remains the potential for a journey higher to resume. The daily close above the 107 hurdle may set the pair up for a grind towards the next psychologically-significant ceiling at 108.00.
Lack of Reversal Signals Opens Further Gains
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The four hour chart reveals a congestion zone has formed between 107.00 and 107.40. A medley of short body sessions and Doji candlesticks highlights hesitation amongst traders. Yet the bulls appear unprepared to relinquish their grip on prices amid a void of bearish reversal signals. This leaves the risks skewed to the upside.
Climb Encounters Congestion, Yet Bulls Remain In Control
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By David de Ferranti, Currency Analyst, DailyFX
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USD/JPY Clings To 107.00 As Dojis Highlight Hesitation From Traders
Talking Points
- USD/JPY Technical Strategy: Longs Preferred
- Doji Suggests Some Indecision, Yet Reversal Signals Absent
- Daily Close Above 107.00 May Open Grind Towards 108.00
The USD/JPY bulls have seemingly lost confidence as indicated by a medley of Doji formations and short body candles. Yet in the absence of clear reversal signals there remains the potential for a journey higher to resume. The daily close above the 107 hurdle may set the pair up for a grind towards the next psychologically-significant ceiling at 108.00.
Bulls Lose Steam As Dojis Denote Indecision
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The four hour chart reveals a congestion zone has formed between 107.00 and 107.40. A parade of short body periods and Doji candlesticks highlights hesitation amongst traders. Yet the bulls appear unprepared to relinquish their grip on prices amid a void of bearish reversal signals. This leaves the pair awaiting a break above 107.40 to open the next leg higher.
Awaiting Breakout As Congestion Continues
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By David de Ferranti, Currency Analyst, DailyFX
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USD/JPY Bearish Engulfing Pattern Warns Of Weakness
Talking Points
- USD/JPY Technical Strategy: Sidelines Preferred
- Bearish Engulfing Pattern Finds Confirmation
- Close Below 108.00 Floor May Open 107.00
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.
Bearish Engulfing Pattern Receives Confirmation
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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.
Harami Heralded Intraday Rebound
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By David de Ferranti, Currency Analyst, DailyFX
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USD/JPY At A Crossroads Near 108.00 With A Bearish Pattern In Its Wake
Talking Points
- USD/JPY Technical Strategy: Sidelines Preferred
- Dark Cloud Cover Receives Confirmation
- Close Below 108.00 Floor May Open 107.00
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
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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
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By David de Ferranti, Currency Analyst, DailyFX
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2 Attachment(s)
USD/JPY Doji Denotes Indecision As Suspenseful Trade Near 108 Endures
Talking Points
- USD/JPY Technical Strategy: Sidelines Preferred
- Doji Suggests Some Reluctance Near 108.00
- Close Below 108.00 Floor May Open 107.00
USD/JPY is at a critical juncture as the pair probes below the 108.00 floor. Yet hesitation amongst traders at the critical barrier is made evident by a Doji in recent trade. A close under the 108.00 floor would potentially herald a deeper correction to the 107.00 mark.
Doji Highlights Hesitation Near 108.00 Barrier
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The four hour chart reveals a disdain from traders towards several recent reversal patterns including a Piercing Line and Morning Star formation. This suggests the threshold to reinvigorate the bulls may be high, and casts some doubt over a potential recovery. Some intraday buying interest is evident near 108.00, below which may see some support renewed at 107.40.
Disdain For Bullish Patterns Casts Doubt On A Recovery
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By David de Ferranti, Currency Analyst, DailyFX
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Attachment 10080
Attachment 10081
USD/JPY Dark Cloud Cover Warns Of Deeper Correction Sub 108.00
Talking Points
- USD/JPY Technical Strategy: Shorts Preferred
- Dark Cloud Cover Warns Of Further Weakness
- Dojis On H4Suggests Some Reluctance Sub 108
USD/JPY’s slide under the 108.00 floor following a Dark Cloud Cover pattern warns of further weakness for the pair. Thus far the descent has proven slow with a string of several short body candles highlighting some hesitation from the bears to lead the pair lower. Yet with bullish candlesticks lacking a deeper correction to the 107.00 barrier may be on the cards.
Dark Cloud Cover Warns Of Further Weakness
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The four hour chart highlights the extent of traders’ hesitation near the 108.00 handle. Yet with bullish patterns also lacking in intraday trade a recovery is questionable.
Bulls Struggle To Regain Their Grip Sub 108.00
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By David de Ferranti, Currency Analyst, DailyFX
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USD/JPY Rebound From 106.80 Producing A Piercing Line Pattern
Talking Points
- USD/JPY Technical Strategy: Shorts Preferred
- Piercing Line Pattern Awaiting Confirmation
- Dojis On H4Suggests Some Reluctance Near 107
USD/JPY has found some buying interest renewed at the 106.80 mark as a Piercing Line candlestick pattern takes shape. Critically, the key reversal formation awaits the close of the current candle and a successive up-day to provide confirmation. In the alternate scenario a pullback below the 106.80 floor would open the next leg lower to 105.40
Piercing Line Pattern Takes Shape
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A Harami on the four hour chart is awaiting confirmation from an ensuing up-period to be confirmed. An intraday advance is likely to be met by renewed selling pressure at the nearby 107.50 ceiling.
Bulls Return As Harami Awaits Confirmation
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By David de Ferranti, Currency Analyst, DailyFX
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