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USD/JPY Teases Traders Near 102.00 Following Bearish Candlestick Pattern

USD/JPY Teases Traders Near 102.00 Following Bearish Candlestick Pattern

2014-05-06 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/JPY Technical Strategy: Pending short
  • Prices breaking below recent range-bottom
  • Bearish Engulfing pattern suggests sellers in control

USD/JPY may be set tor break its narrow range between 102.00 and 102.70. The emergence of a Shooting Star formation suggests the bears are looking to firm their grip on prices. A daily close below 102.00 would be seen as an opportunity to enter short with a target offered by the next level of support at 101.20.

USD/JPY: Threatens Break of Recent Range Following Shooting Star

USD/JPY Teases Traders Near 102.00 Following Bearish Candlestick Pattern

Daily Chart - Created Using FXCM Marketscope 2.0

Examining the four hour chart, the Bearish Engulfing pattern near 102.70 has resulted in extended declines for USD/JPY. However a Gravestone Doji suggests some hesitation from sellers near 102.00. This reinforces the need to wait for a daily close to demonstrate strong conviction from the bears.

USD/JPY: Bearish Engulfing Pattern Near Key Resistance Delivers Declines

USD/JPY Teases Traders Near 102.00 Following Bearish Candlestick Pattern

Four Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

Follow David on Twitter: @Davidde

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