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USD/JPY Awaiting Bullish Reversal Signal Near Noteworthy Floor

USD/JPY Awaiting Bullish Reversal Signal Near Noteworthy Floor

David de Ferranti, Currency Analyst

Talking Points

  • Strategy: Flat
  • Awaiting Bullish Turning Signal Near Key Support At 115.40
  • Reversal Signal On H4 Chart Does Little To Inspire The Bulls

USD/JPY has maintained a downward trajectory in the wake of a Dark Cloud Cover formation. Bullish reversal signals appear lacking at this stage, which casts doubt on a bounce. Yet it can still be argued that the longer-term uptrend remains. Coupled with support at 115.40 the prospect of fresh declines is questionable.

USD/JPY: Lacking Bullish Reversal Signals Near Key Support

USD/JPY Awaiting Bullish Reversal Signal Near Noteworthy Floor

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

The four hour chart appears choppy in recent trade with a Bullish Engulfing formation receiving little follow-through. This in turn does little to inspire confidence in a corrective bounce over the session ahead. A climb over 116.80 may be required to recast the risks higher for the pair.

USD/JPY: Key Reversal Pattern Fails To Inspire The Bulls

USD/JPY Awaiting Bullish Reversal Signal Near Noteworthy Floor

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

By David de Ferranti, Currency Analyst, DailyFX

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