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USD/JPY Rebound From 106.80 Producing A Piercing Line Pattern

USD/JPY Rebound From 106.80 Producing A Piercing Line Pattern

2014-10-14 05:50:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/JPY Technical Strategy: Shorts Preferred
  • Piercing Line Pattern Awaiting Confirmation
  • Dojis On H4Suggests Some Reluctance Near 107

USD/JPY has found some buying interest renewed at the 106.80 mark as a Piercing Line candlestick pattern takes shape. Critically, the key reversal formation awaits the close of the current candle and a successive up-day to provide confirmation. In the alternate scenario a pullback below the 106.80 floor would open the next leg lower to 105.40

USD/JPY: Piercing Line Pattern Takes Shape

USD/JPY Rebound From 106.80 Producing A Piercing Line Pattern

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

A Harami on the four hour chart is awaiting confirmation from an ensuing up-period to be confirmed. An intraday advance is likely to be met by renewed selling pressure at the nearby 107.50 ceiling.

USD/JPY: Bulls Return As Harami Awaits Confirmation

USD/JPY Rebound From 106.80 Producing A Piercing Line Pattern

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

By David de Ferranti, Currency Analyst, DailyFX

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