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USD/JPY Pullback Sees Bearish Pattern Take Shape

USD/JPY Pullback Sees Bearish Pattern Take Shape

2014-11-17 06:22:00
David de Ferranti, Currency Analyst
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Talking Points

  • Strategy: Long, Target: 117.90, Stop: 115.90 (Daily Close)
  • Bearish Engulfing Pattern Taking Shape On The Daily
  • Four Hour Chart Flashed An Early Weakness Warning

USD/JPY is in the process of producing a Bearish Engulfing formation. Confirmation from the close of the current candle and a successive down-session would be required to warn of a further correction for the pair. Yet within the context of a core uptrend, pullbacks may prove shallow.

USD/JPY: Bearish Engulfing Pattern Taking Shape

USD/JPY Pullback Sees Bearish Pattern Take Shape

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

A Bearish Engulfing pattern on the four hour chart offered an early warning of weakness for USD/JPY. A lack of bullish signals in intraday trade casts the risks towards buying interest at the 115.00 handle.

USD/JPY: Bearish Engulfing Formation Offered An Early Warning

USD/JPY Pullback Sees Bearish Pattern Take Shape

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

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