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USD/JPY Pullback Leaves Bearish Pattern Awaiting Confirmation

USD/JPY Pullback Leaves Bearish Pattern Awaiting Confirmation

David de Ferranti, Currency Analyst

Talking Points

  • USD/JPY Technical Strategy: Sidelines Preferred
  • Harami Emerges On Slip From Recent Highs
  • Watching H4 Chart For Intraday Reversal Signals

USD/JPY’s slight slip in recent trade has left a Harami candlestick pattern in its wake. The key reversal signal awaits confirmation from a successive down-session to be confirmed and to warn of a deeper setback. Selling pressure appears evident near the December ’07 High (114.60), while buyers appear prepared to support the pair near 113.

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

USD/JPY Pullback Leaves Bearish Pattern Awaiting Confirmation

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

The four hour chart should be closely monitored for early warning signs that the bulls may be losing steam. At this stage a lack of bearish signals leaves the focus on 114.20, which if broken could open 114.60 (see daily chart).

USD/JPY: Watching For Early Hints At A Reversal

USD/JPY Pullback Leaves Bearish Pattern Awaiting Confirmation

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

By David de Ferranti, Currency Analyst, DailyFX

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