PATTERNS: Technical Analysis for USDJPY - Rebound From 106.80 Producing A Piercing Line Pattern

• USD/JPY Technical Strategy: Shorts Preferred
• Piercing Line Pattern Awaiting Confirmation
• Dojis On H4 Suggests Some Reluctance Near 107

USD/JPY has found some buying interest renewed at the 106.80 mark as a Piercing Line candlestick pattern takes shape. Critically, the key reversal formation awaits the close of the current candle and a successive up-day to provide confirmation. In the alternate scenario a pullback below the 106.80 floor would open the next leg lower to 105.40

Piercing Line Pattern Takes Shape

3-Drives forming pattern for uptrend:

Forming Batterfly for uptrend: