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USD/JPY Hanging Man Offers Warning Signal Near 108.00

USD/JPY Hanging Man Offers Warning Signal Near 108.00

David de Ferranti, Currency Analyst

Talking Points

  • USD/JPY Technical Strategy: Sidelines Preferred
  • Reversal Signal Arises At Critical 108.00 Handle
  • H4 Chart Suggests Bears’ Confidence Is Lacking

USD/JPY continues to exhibit concerning signs of a potential pullback. The Hanging Man noted in yesterday’s report has received confirmation, which alongside the close below 108.00 may warn of further weakness. A deeper setback to former resistance-turned-support at 107.25 may see buying interest renewed.

USD/JPY: Reversal Signal Emerges At 108.00 Handle

USD/JPY Hanging Man Offers Warning Signal Near 108.00

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

The four hour chart paints a less negative picture than the daily with a Piercing Line pattern evident. Yet the scope for a recovery be capped by the nearby 108.00 ceiling over the session ahead.

USD/JPY: Piercing Line Follow-Through May Be Limited

USD/JPY Hanging Man Offers Warning Signal Near 108.00

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.