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USD/JPY Grind Higher Continues Following Bullish Harami Formation

USD/JPY Grind Higher Continues Following Bullish Harami Formation

David de Ferranti, Currency Analyst

Talking Points

  • USD/JPY Technical Strategy: Sidelines Preferred
  • Harami CandlestickPattern Delivers Further Gains
  • Doji On H4Suggests Reluctance Near Intraday Resistance

USD/JPY has continued its cautious recovery on the back of a Harami pattern on the daily. The confirmation from a successive up-period and close above the 106.80 barrier indicates the potential for further gains. Yet a clean run higher 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 Delivers Drive Higher

USD/JPY Grind Higher Continues Following Bullish Harami Formation

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 resistance at 107.50. This does little to inspire confidence in the potential for a further recovery over the session ahead. Yet an absence of key reversal candlesticks also suggests a correction is questionable.

USD/JPY: Doji Signals Reluctance Ahead Of Intraday Resistance

USD/JPY Grind Higher Continues Following Bullish Harami Formation

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.