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USD/JPY Recovery Falters As Traders Look Past Harami Pattern

USD/JPY Recovery Falters As Traders Look Past Harami Pattern

David de Ferranti, Currency Analyst

Talking Points

  • USD/JPY Technical Strategy: Sidelines Preferred
  • Harami CandlestickPattern Sees Limited Response
  • H4 Chart Short Body Candles Suggest Indecision

USD/JPY has seemingly lost some upward momentum, demonstrating a lackluster response to a Harami candlestick formation. As noted in recent reports a clean run higher was likely to prove challenging, given the congestion between current levels and the recent peak at 110. This leaves a clearer directional bias desired before adopting fresh positioning.

USD/JPY: Recovery Stumbles As Traders Look Past Harami Formation

USD/JPY Recovery Falters As Traders Look Past Harami Pattern

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

A string of short body candles on the four hour chart suggests hesitation from traders near intraday support at 106.80. A retreat below the noteworthy floor would be required to warn of a deeper setback towards buying interest at 105.65.

USD/JPY: Awaits Slide Below Intraday Floor Near 106.80

USD/JPY Recovery Falters As Traders Look Past Harami 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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