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USD/JPY Awaiting Reversal Candlesticks Near Range-Top

USD/JPY Awaiting Reversal Candlesticks Near Range-Top

2014-08-19 11:49:00
David de Ferranti, Currency Analyst
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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

USD/JPY Awaiting Reversal Candlesticks 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

USD/JPY Awaiting Reversal Candlesticks Near Range-Top

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

By David de Ferranti, Currency Analyst, DailyFX

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