USD/JPY Focus Turns Higher After Bearish Pattern Denied Validation
- Strategy: Flat
- Focus Turns Higher With Bearish Signals Lacking Confirmation
- Monitoring Intraday Chart Closely For Reversal Warning Signs
USD/JPY has managed to keep its head above the 114.60 floor, leaving a Bearish Engulfing formation lacking confirmation. While a Hanging Man is now in its wake – it requires a successive down-session to be validated. This may prove difficult given the proximity to nearby support. This suggests a possible resumption of the push higher towards the recent peaks near 115.90.
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart reveals an absence of intraday reversal signals. However, it deserves to be closely monitored over the session ahead, given nearby resistance looms nearby.
USD/JPY: Monitoring For Bearish Signal Emergence Near Intraday Barrier
Four Hour Chart - Created Using FXCM Marketscope 2.0,Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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