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USD/JPY Struggles As Piercing Line Pattern Awaits Confirmation

USD/JPY Struggles As Piercing Line Pattern Awaits Confirmation

David de Ferranti, Currency Analyst

Talking Points

  • USD/JPY Technical Strategy: Sidelines Preferred
  • Shooting Star pattern near 104.00 offered ominous warning
  • Piercing Line on four hour chart hints at intraday bounce

USD/JPY continues to struggle below resistance at the 101.70 mark. The absence of a bullish reversal pattern on the daily still casts doubt over the potential for a recovery in the pair. This comes after the Shooting Star formation near 104.00 signaled the possibility of some steep declines.

USD/JPY: Shooting Star Offered Ominous Warning

USDJPY-Struggles-As-Piercing-Line-Pattern-Awaits-Confirmation_body_Picture_2.png, USD/JPY Struggles As Piercing Line Pattern Awaits Confirmation

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to examine intraday price action; the four hour chart reveals a Piercing Line pattern that awaits confirmation. While considered a bullish reversal pattern, it has yet to receive confirmation from a successive up-period. Traders should also be mindful of the potential for strong selling pressure to cap an intraday bounce around the 102.00 handle.

USD/JPY: Sellers Likely To Emerge At 102.00

USDJPY-Struggles-As-Piercing-Line-Pattern-Awaits-Confirmation_body_Picture_1.png, USD/JPY Struggles As Piercing Line Pattern Awaits Confirmation

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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