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USD/JPY Focus Turns Higher After Bearish Pattern Denied Validation

USD/JPY Focus Turns Higher After Bearish Pattern Denied Validation

2014-11-11 05:52:00
David de Ferranti, Currency Analyst
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Talking Points

  • 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.

USD/JPY: Focus On Recent Peaks With Bearish Patterns Lacking Validation

USD/JPY Focus Turns Higher After Bearish Pattern Denied Validation

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

USD/JPY Focus Turns Higher After Bearish Pattern Denied Validation

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

By David de Ferranti, Currency Analyst, DailyFX

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