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Forex Strategy: USD/JPY Dojis Denote Deliberation Amongst Bulls

Forex Strategy: USD/JPY Dojis Denote Deliberation Amongst Bulls

David de Ferranti, Currency Analyst

Talking Points

  • USD/JPY Technical Strategy: Longs preferred on breakout
  • Dojis on both the daily and four hourly charts suggest indecision
  • Clearance of resistance at 102.70 may open advance to 103.50

USD/JPYhas jumped towards the 102.70 level of resistance following the formation of a Piercing Line formation on the daily (see below). However, a pair of Doji candles denotes some deliberation amongst the bulls and suggests new longs are better served on a clearance of 102.70 which would likely open up the 103.50 mark.

USD/JPY: Dojis Denote Deliberation

Forex-Strategy-USDJPY-Dojis-Denote-Deliberation-Amongst-Bulls_body_Picture_2.png, Forex Strategy: USD/JPY Dojis Denote Deliberation Amongst Bulls

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart; there is evidence of a drawn-out struggle between the bulls and bears around the critical 102.50 intraday resistance level. While the Doji candlesticks signal indecision, a bearish reversal pattern would be required to support a bearish technical bias for USD/JPY.

USD/JPY: Intraday Resistance Holds At 102.40

Forex-Strategy-USDJPY-Dojis-Denote-Deliberation-Amongst-Bulls_body_Picture_1.png, Forex Strategy: USD/JPY Dojis Denote Deliberation Amongst Bulls

Four Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.