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USD/JPY Doji Highlights Indecision As Long-Held Range Remains In Play

USD/JPY Doji Highlights Indecision As Long-Held Range Remains In Play

2014-07-02 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • 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.

USD/JPY: Range Remains Intact

USD/JPY Doji Highlights Indecision As Long-Held Range Remains In Play

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

USD/JPY Doji Highlights Indecision As Long-Held Range Remains In Play

Four Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @Davidde

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