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USD/JPY Eyes Further Gains As Harami Fails To Find Confirmation

USD/JPY Eyes Further Gains As Harami Fails To Find Confirmation

2014-11-06 04:12:00
David de Ferranti, Currency Analyst
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Talking Points

  • 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

USD/JPY Eyes Further Gains As Harami 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

USD/JPY Eyes Further Gains As Harami Fails To Find 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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