Talking Points
- USD/JPY Technical Strategy: Pending Short
- Awaiting Key Reversal Patterns Near Range-Top
- Daily Close Below 102.20 Needed To Open 101.20
USD/JPY is set for another make-or-break moment as it teases traders near its range-top with reversal signals absent. A keen eye will be kept out for bearish candlestick patterns that could offer a precursor to a retreat for the pair. A slide below the 102.20 floor would be required to open the range-bottom at 101.20.
USD/JPY: Awaiting Bearish Reversal Signals Near Range-Top
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
An ensemble of Dojis on the four hour chart reveals noteworthy hesitation from the bulls to lead USD/JPY higher. However, the pair is left wanting for key reversal patterns that may offer an early indication of a reversal. Keep an eye out for such formations, which could act as the canary in the coalmine for a pullback.
USD/JPY: Dojis Highlight Hesitation At Key Hurdle
Four Hour Chart - Created Using FXCM Marketscope 2.0,Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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