Trade FOREX with FXCM

  • Award-Winning Platform
  • 24/7 Customer Support
  • Trade Directly on Charts
  • Free $50K Practice Account
DailyFX Home / Forex Technical Analysis / Forex Candlestick Summary

Forex Candlestick Summary

Symbol Trend Bias Time Frame Candlestick Formation Candle Bias Chart Links

USD/JPY Bulls Catch Their Breath As A Doji Denotes Indecision

Talking Points

  • USD/JPY Technical Strategy: Longs Preferred
  • Doji Suggests Some Indecision, Yet Reversal Signals Absent
  • Daily Close Above 107.00 May Open Grind Towards 108.00

USD/JPYtraders are showing signs of indecision as denoted by a Doji on the daily. Yet in the absence of clear reversal signals there remains the potential for a journey higher to resume. The daily close above the 107 hurdle may set the pair up for a grind towards the next psychologically-significant ceiling at 108.00.

USD/JPY: Lack of Reversal Signals Opens Further Gains

USD/JPY Bulls Catch Their Breath As A Doji Denotes Indecision

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

The four hour chart reveals a congestion zone has formed between 107.00 and 107.40. A medley of short body sessions and Doji candlesticks highlights hesitation amongst traders. Yet the bulls appear unprepared to relinquish their grip on prices amid a void of bearish reversal signals. This leaves the risks skewed to the upside.

USD/JPY: Climb Encounters Congestion, Yet Bulls Remain In Control

USD/JPY Bulls Catch Their Breath As A Doji Denotes Indecision

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.

Latest Topics in the DailyFX Forums

Elliott Wave Trading Discussi...
by Lukman Otunuga
Today at 08:55
EURUSD
by No money
Today at 08:48
GBP and JPY Pairs
by Lukman Otunuga
Today at 08:24
Elliott Wave Trading Discussi...
by fwfutures
Today at 08:16

Resources