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Forex Strategy: USD/JPY Bearish Reversal Signal Provokes Correction

Forex Strategy: USD/JPY Bearish Reversal Signal Provokes Correction

2014-04-07 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/JPY Technical Strategy: Sidelines preferred
  • Shooting Star pattern near 104.00 receives confirmation
  • 103.00 offering support as Doji suggests hesitation from bears

A Shooting Star candlestick formation is warning of more declines ahead for USD/JPY after the bearish reversal signal received confirmation from an ensuing down day. The potential for a correction is made more noteworthy by a break below a key support level at 103.50.

USD/JPY: Bulls Retreat Following Test of 104.00

Forex-Strategy-USDJPY-Bearish-Reversal-Signal-Provokes-Correction_body_Picture_2.png, Forex Strategy: USD/JPY Bearish Reversal Signal Provokes Correction

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart; the unusually long series of Doji candlesticks near the critical 104.00 level suggested deliberation amongst the bulls. However, the long-legged Doji that has formed at the psychologically-significant 103.00 mark is a sign of hesitation from the bears, which leaves an unclear technical bias.

USD/JPY: Doji Near 103.00 Highlights Indecision Amongst Traders

Forex-Strategy-USDJPY-Bearish-Reversal-Signal-Provokes-Correction_body_Picture_1.png, Forex Strategy: USD/JPY Bearish Reversal Signal Provokes Correction

Four Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

Follow David on Twitter: @Davidde

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