USD/JPY Eyes Further Gains As Harami Fails To Find Confirmation
- USD/JPY Technical Strategy: Sidelines Preferred
- Harami Candlestick Fails To Find Confirmation
- Watching H4 Chart For Intraday Reversal Signals
USD/JPY is at a critical juncture near the 114.60 mark after traders looked past a bearish candlestick pattern on the daily. With reversal signals now lacking a pullback is questionable and a more convincing close beyond the upside barrier may open further gains. The next definitive target to work with is offered by the November 2007 high near 115.90.
USD/JPY: Bearish Pattern Fails To Find 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. Already a Hanging Man has emerged, yet at this stage has found little follow-through. A slide back below intraday support at 114.20 would be required to warn of top.
USD/JPY: Watching For Early Hints At A Reversal
Four Hour Chart - Created Using FXCM Marketscope 2.0,Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
Follow David on Twitter: @DaviddeFe
To receive David’s analysis directly via email, please sign up here.
Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.