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USD/JPY Loses Ground As A Harami Pattern Forms On The Daily

USD/JPY Loses Ground As A Harami Pattern Forms On The Daily

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

  • USD/JPY Technical Strategy: Longs Preferred
  • Doji suggested hesitation near key support
  • Range between 101.20 and 102.77 remains in play

USD/JPY’s long-held range between 101.20 and 102.77 remains intact after the pair teased at a breakout in recent trading. A Doji near 101.20 signaled hesitation amongst traders, and while not a key reversal pattern, the candlestick helped herald a bounce. While a Harami pattern appears to be forming on the daily it does little to suggest a correction until the current candle closes.

USD/JPY: Range Remains Intact

USD/JPY Loses Ground As A Harami Pattern Forms On The Daily

Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

Scrutinizing the four hour chart below a Doji formation signaled some indecision after USD/JPY’s dramatic ascent in recent trading. While the candlestick yielded a slight retreat, further follow-through may be limited given the context afforded by the daily.

USD/JPY: Doji Yields Slight Retreat

USD/JPY Loses Ground As A Harami Pattern Forms On The Daily

Four Hour Chart - Created Using FXCM Marketscope 2.0,Volume Indicator Available Here

By David de Ferranti, Currency Analyst, DailyFX

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