USD/JPY Candlesticks Highlight Indecision As Consolidation Continues
- 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’s consolidation around the 102.00 handle has left little in the way of candlestick formations to signal which way the pair could eventually push. Signs of hesitation are made further evident by the Doji formation on the daily.
Daily Chart - Created Using FXCM Marketscope 2.0
In intraday trade a Bullish Engulfing pattern on the four hour chart may be signaling a possible recovery over the session ahead. While the pattern offers a bullish signal, the extent of any gains may be limited by overhanging resistance at 102.10.
USD/JPY: Bullish Engulfing Pattern Puts 102.10 In Focus
Four Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Currency Analyst, DailyFX
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