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USD/JPY Downside Risks Remain While Hammer Awaits Confirmation

USD/JPY Downside Risks Remain While Hammer Awaits Confirmation

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

  • USD/JPY Technical Strategy: Shorts Preferred
  • Hammer Awaits Confirmation To Suggest Recovery
  • Focus Remains On Range-Bottom Near 101.00/20

USD/JPY’s recent Hammer formation on the daily may fail to yield a recovery for the pair with heavy congestion overhead. A jump over the 102.20 hurdle would be required to cast the immediate risk the upside, which would open the 102.77/103.00 range-top. However, at this stage the focus remains on the 101.00/20 floor.

USD/JPY: Hammer May Fail To Find Follow-Through

USD/JPY Downside Risks Remain While Hammer Awaits Confirmation

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

The four hour chart offered an early warning indication for USD/JPY’s intraday reversal. The Dragonfly Doji formation near 101.75 suggested a bounce to the psychologically-significant 102.00 handle. With a Harami pattern now in its wake there may be the potential for intraday weakness for the pair.

USD/JPY: Harami May Yield Intraday Weakness

USD/JPY Downside Risks Remain While Hammer Awaits Confirmation

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

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