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USD/JPY Bulls Lose Appetite As Doji Puts Range-Bottom In Focus

USD/JPY Bulls Lose Appetite As Doji Puts Range-Bottom In Focus

2014-07-17 11:21:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/JPY Technical Strategy: Pending Long
  • Doji suggests bulls losing steam after bounce off-range-bottom
  • Absence of reversal patterns cast doubt on an intraday recovery

The USD/JPYbulls have seemingly lost steam in recent trading with the pair posting a Doji formation on the daily. While not a key reversal pattern, the sign of indecision may suggest a loss of confidence to push the pair higher. This puts the all-important 101.20 mark back in focus.

USD/JPY: Range-Bottom Back In Focus As Bulls Lose Steam

USD/JPY Bulls Lose Appetite As Doji Puts Range-Bottom In Focus

Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

Scrutinizing the four hour chart; despite USD/JPY testing intraday support at 101.45, bullish reversal patterns are absent. This casts doubt over the potential for a bounce over the session ahead. A break lower would set the stage for a drop to 101.20/5.

USD/JPY: Lacking Reversal Patterns In Intraday Trade

USD/JPY Bulls Lose Appetite As Doji Puts Range-Bottom In Focus

Four Hour Chart - Created Using FXCM Marketscope 2.0,Volume Indicator Available Here

By David de Ferranti, Currency Analyst, DailyFX

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