USD/JPY Range Remains In Play As Doji Suggests Hesitation Persists
- 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.
USD/JPY: Consolidation Around 102 Continues
Daily Chart - Created Using FXCM Marketscope 2.0
Following a push to 102.10 a Dark Cloud Coverformation has delivered extended declines for USD/JPY. However, with support resting nearby at 101.65 further falls may be limited.
USD/JPY: Awaiting Guidance As Range Persists
Four Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Currency Analyst, DailyFX
Follow David on Twitter: @Davidde
To receive David’s analysis directly via email, please sign up here.
Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.