USD/JPY Harami Warns of A Pullback, Range-Bottom At 101.20 In Focus

By DailyFx | Updated July 30, 2014 AAA

DailyFX.com -

Talking Points

  • USD/JPY Technical Strategy: Sidelines Preferred
  • Doji suggested hesitation near key support
  • Range between 101.20 and 102.77 remains in play

USD/JPY’s long-held range between 101.20 and 102.77 remains intact following a push off support backed by a Doji formation. However, the pair may fall short of its range-top as a Harami pattern highlights the potential for a pullback.

USD/JPY: Consolidation Continues

USD/JPY Harami Warns of A Pullback, Range-Bottom At 101.20 In Focus

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

Scrutinizing the four hour chart below a Harami pattern near support at 101.65 suggests the potential for a recovery over the session ahead. However, given the context afforded by the daily and nearby resistance at 102.10, the extent of a recovery may prove limited.

USD/JPY: Harami Hints At Intraday Recovery

USD/JPY Harami Warns of A Pullback, Range-Bottom At 101.20 In Focus

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

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @Davidde

To receive David’s analysis directly via email, please sign up here.

Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

Related Forex Analysis
  1. Forex News

    USD/JPY breaking the short term descending resistance line

  2. Forex News

    USD/JPY bad news already priced in to Japan - Scotiabank

  3. Forex News

    USD/JPY bearish bias alive – FXStreet

  4. Forex News

    USD/JPY recovers 117.50

  5. Forex News

    USD/JPY hovers around 117.50

Trading Center