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USD/JPY 102.00 In Sight As Doji Suggests Bears In Doubt

USD/JPY 102.00 In Sight As Doji Suggests Bears In Doubt

2014-05-23 08:39:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/JPY Technical Strategy: Sidelines Preferred
  • Long-Legged Doji signaled shift in the tides
  • Absence of reversal signal puts 102.00 in sight

USD/JPY has continued its climb back towards the psychologically-significant 102.00 level in recent trading. The Long-Legged Doji near 101.20 acted as a signal that the bears had lost conviction on the pair after testing at a break below the key support level. At this stage a bearish pattern remains absent which precludes a correction. However, with resistance looming nearby, further gains may be limited.

USD/JPY: Swings Continue Post Doji Near Support

USD/JPY 102.00 In Sight As Doji Suggests Bears In Doubt

Daily Chart - Created Using FXCM Marketscope 2.0

An examination of intraday price action on the four hour chart reveals a Bullish Engulfing pattern which helped foreshadow USD/JPY’s bounce. Similarly to the daily, a bearish reversal signal is seemingly absent, which suggests a push to 102.00 may be possible.

USD/JPY: Bullish Engulfing Pattern Foreshadowed Bounce

USD/JPY 102.00 In Sight As Doji Suggests Bears In Doubt

Four Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

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