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USD/JPY Awaiting Reversal Signals Near Range-Bottom

USD/JPY Awaiting Reversal Signals Near Range-Bottom

2014-07-09 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/JPY Technical Strategy: Pending Long
  • Haramidelivers declines, putting key support in focus
  • Range between 101.20 and 102.77 remains in play

USD/JPY has extended recent declines on the on the back of a Harami pattern on the daily which suggested the bears were looking to take control of prices. However, the candlestick formation may fail to find further follow-through given the long-held range-bottom rests nearby at 101.20. A key reversal pattern near the noteworthy support level would be taken as an opportunity to enter new longs.

USD/JPY: Awaiting Reversal Signals Near Range-Bottom

USD/JPY Awaiting Reversal Signals Near Range-Bottom

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

Scrutinizing the four hour chart; a Hammer formation hints at an intraday recovery for USD/JPY. A break above nearby resistance at 101.65 would open a run on the psychologically-significant 102.00 handle.

USD/JPY: Hammer Hints At Intraday Recovery

USD/JPY Awaiting Reversal Signals Near Range-Bottom

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

By David de Ferranti, Currency Analyst, DailyFX

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