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USD/JPY Harami Warns of A Pullback, Range-Bottom At 101.20 In Focus

USD/JPY Harami Warns of A Pullback, Range-Bottom At 101.20 In Focus

2014-07-08 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/JPY Technical Strategy: Sidelines 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 following a push off support backed by a Doji formation. However, the pair may fall short of its range-top as a Harami pattern highlights the potential for a pullback.

USD/JPY: Consolidation Continues

USD/JPY Harami Warns of A Pullback, Range-Bottom At 101.20 In Focus

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

Scrutinizing the four hour chart below a Harami pattern near support at 101.65 suggests the potential for a recovery over the session ahead. However, given the context afforded by the daily and nearby resistance at 102.10, the extent of a recovery may prove limited.

USD/JPY: Harami Hints At Intraday Recovery

USD/JPY Harami Warns of A Pullback, Range-Bottom At 101.20 In Focus

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

By David de Ferranti, Currency Analyst, DailyFX

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