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USD/JPY Bulls Lose Steam As A Harami Formation Takes Shape

USD/JPY Bulls Lose Steam As A Harami Formation Takes Shape

2014-11-04 05:55:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/JPY Technical Strategy: Sidelines Preferred
  • Harami Takes Shape As Bulls Lose Momentum
  • Hanging Man On The H4 Chart Offered An Early Warning

USD/JPY has witnessed a slight retracement which appears to be producing a Harami formation on the daily. The key reversal signal awaits confirmation from the close of the current candle and a successive down-session to be confirmed and to warn of a deeper setback.

USD/JPY: Loses Momentum As A Bearish Pattern Takes Shape

USD/JPY Bulls Lose Steam As A Harami Formation Takes Shape

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

A Hanging Man candlestick pattern on the four hour chart offered an early warning sign of an intraday corrective move for the pair. With bullish signals seemingly lacking the pair may see a shallow pullback to buying interest at the 113.00 floor.

USD/JPY: Hanging Man Offered An Early Warning Of Weakness

USD/JPY Bulls Lose Steam As A Harami Formation Takes Shape

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

By David de Ferranti, Currency Analyst, DailyFX

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