News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
USD/JPY Hits Selling Pressure At 103.00 Yet Reversal Patterns Lacking

USD/JPY Hits Selling Pressure At 103.00 Yet Reversal Patterns Lacking

David de Ferranti, Currency Analyst

Talking Points

  • USD/JPY Technical Strategy: Sidelines Preferred
  • Failure To Breach 103.00 Casts Doubt On Gains
  • Awaiting Bearish Patterns To Signal A Reversal

USD/JPY has continued its ascent following a Harami pattern on the daily with the pair testing key resistance near 103.00 in recent trading. The failure to breach the psychologically-significant barrier casts some doubt on further gains. However, an absence of bearish patterns also makes a reversal questionable. This leaves the sidelines preferred until a more constructive setup presents itself.

USD/JPY: Hits Selling Pressure Yet Reversal Signals Lacking

USD/JPY Hits Selling Pressure At 103.00 Yet Reversal Patterns Lacking

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

The four hour chart reveals a similar narrative as the daily. A Harami pattern has failed to find follow-through which has left a void of reversal patterns. Several Doji formations indicate noteworthy indecision amongst traders near the 103.00 handle.

USD/JPY: Dojis Suggest Bulls Lose Steam Near 103.00 Handle

USD/JPY Hits Selling Pressure At 103.00 Yet Reversal Patterns Lacking

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

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @Davidde

To receive David’s analysis directly via email, please sign up here.

Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES