USD/JPY Doji Highlights Indecision As Long-Held Range Remains In Play
- USD/JPY Technical Strategy: Longs Preferred
- Doji suggests hesitation near key support
- Range between 101.20 and 102.77 remains in play
USD/JPY’s long-held range between 101.20 and 102.77 remains intact after the pair teased at a breakout in recent trading. While a Doji near 101.20 signaled hesitation amongst traders, it may prove insufficient to signal a continued push higher back towards the range-top.
Daily Chart - Created Using FXCM Marketscope 2.0
An Evening Star formation offers an ominous signal that USD/JPY could retreat in intraday trade. Buyers will likely look to keep the pair support at the 102.20/25 mark.
USD/JPY: Evening Star Warns of Intraday Drop
Four Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Currency Analyst, DailyFX
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