USD/JPY Doji On The Daily Denotes Hesitation Near 102.00
- 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
Following a push to 102.10 on the back of a Bullish Engulfing pattern, a Dark Cloud Coverformation hinted at a dip in intraday trade. However, with support resting nearby at 101.80 further declines may be limited.
USD/JPY: Dark Cloud Cover Delivers Intraday Dip
Four Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Currency Analyst, DailyFX
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