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USD/JPY Harami Awaits Confirmation To Signal Corrective Bounce

USD/JPY Harami Awaits Confirmation To Signal Corrective Bounce

David de Ferranti, Currency Analyst

Talking Points

  • USD/JPY Technical Strategy: Sidelines Preferred
  • Harami CandlestickPattern Awaiting Confirmation
  • Doji On H4Suggests Reluctance Near 106.00

USD/JPY awaits confirmation of a Harami pattern on the daily, which if received may herald a corrective move higher for the pair. Yet a more 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 Awaits Confirmation

USD/JPY Harami Awaits Confirmation To Signal Corrective Bounce

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

A pair of Doji formations on the four hour chart suggests hesitation from traders near 106.00. 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 at 106.80.

USD/JPY: Doji Signals Reluctance Near 106.00

USD/JPY Harami Awaits Confirmation To Signal Corrective Bounce

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

By David de Ferranti, Currency Analyst, DailyFX

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.