USD/JPY See-Saw Continues As Doji Highlights Indecision
- USD/JPY Technical Strategy: Sidelines Preferred
- Doji highlights indecision near 102.00 handle
- Range between 101.20 and 102.77 remains in play
USD/JPY continues to search direction with traders seemingly unable to make up their mind as to which way to swing the currency on either side of the 102.00 handle. Signs of hesitation are made further evident by the Doji formation on the daily.
USD/JPY: See-Saw Around 102 Continues
Daily Chart - Created Using FXCM Marketscope 2.0
An Inverted Hammer formation in intraday trade helped signal the latest swing higher for USD/JPY. Yet the bullish pattern may struggle to find follow-through with resistance hanging overhead near 102.10.
USD/JPY: Inverted Hammer Yields Recovery
Four Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Currency Analyst, DailyFX
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