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Bearish Doji Candle

DOLLAR-YEN TECHS
  • RES 4: 107.64 Trendline resistance drawn off the Mar 24 high
  • RES 3: 107.53 High Jul 20
  • RES 2: 106.95/107.05 High Aug 28 and Aug 13 and the bull trigger
  • RES 1: 106.55 High Sep 3
  • PRICE: 106.17 @ 06:21 BST Sep 4
  • SUP 1: 105.20 Low Aug 28
  • SUP 2: 105.10 Low Aug 19 and the intraday bear trigger
  • SUP 3: 104.86 76.4% retracement of the Jul 31 - Aug 13 rally
  • SUP 4: 104.19 Low Jul 31 and a major support

USDJPY stalled at yesterday's high signalling the likely final phase of this week's correction. Yesterday's pattern formation is a bearish doji candle. A bearish focus remains in place following the Aug 28 sell-off. In pattern terms, the move lower was a bearish engulfing candle and highlights a bearish threat exposing 105.10, Aug 19 low. A break would open 104.19, Jul 31 low. Clearance of 106.95/107.05 is required to reinstate a bullish theme.

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