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USD/JPY Harami Takes Shape At Critical 105.40 Barrier

USD/JPY Harami Takes Shape At Critical 105.40 Barrier

2014-10-16 06:37:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/JPY Technical Strategy: Shorts Preferred
  • Harami CandlestickPattern Awaiting Confirmation
  • Doji On H4Suggests Reluctance Near Intraday Support

USD/JPY is in the process of producing a Harami pattern near the critical 105.40 barrier. Critically, the key reversal pattern awaits confirmation from the close of the current candle and a successive up-day in order to be validated. Further, a sustained recovery may be challenging given the congestion between current levels and the recent peak at 110. In the alternate scenario a pullback below the 105.40 floor would open the next leg lower to 104.25.

USD/JPY: Harami Takes Shape In Intraday Trade

USD/JPY Harami Takes Shape At Critical 105.40 Barrier

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

A Doji formation on the four hour chart suggests hesitation from traders near intraday support at 105.65. This does little to inspire confidence in the potential for a recovery over the session ahead. Sellers are likely to return at former support-turned-resistance.

USD/JPY: Doji Signals Reluctance At Nearby Support

USD/JPY Harami Takes Shape At Critical 105.40 Barrier

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

By David de Ferranti, Currency Analyst, DailyFX

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