USDJPY Technical Analysis: Harami Awaiting Confirmation and Bullish Engulfing Formation Hints At Intraday Recovery
4 September 2014, 14:56
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USD/JPY has been left in a precarious position as Harami threatens to
topple the pair. If confirmed by an ensuing down session it could signal
a correction towards buying support at the 104.25 floor. However,
against the backdrop of a short-term uptrend buying dips would be
preferred.
Harami Awaiting Confirmation To Warn Of A Correction
The four hour chart offered an early indication that USD/JPY’s upside momentum was fading. A Doji formation near 105.28 signaled hesitation from the bulls. The emergence of a key reversal pattern near intraday support at 104.73 offers some hope for a retest of the pair’s recent highs.
Key Reversal Pattern Emerges In Intraday Trade
Harami Awaiting Confirmation To Warn Of A Correction
The four hour chart offered an early indication that USD/JPY’s upside momentum was fading. A Doji formation near 105.28 signaled hesitation from the bulls. The emergence of a key reversal pattern near intraday support at 104.73 offers some hope for a retest of the pair’s recent highs.
Key Reversal Pattern Emerges In Intraday Trade
