News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/LpYEi5UV5F
  • Heads Up:🇫🇷 Unemployment Benefit Claims (AUG) due at 10:00 GMT (15min) Previous: -57.8K https://www.dailyfx.com/economic-calendar#2021-09-27
  • China plans to sell more copper, zinc and aluminum from its reserves
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIasun https://t.co/Pn0hrvhO2o
  • German SPD's Scholz claims election victory, adds that a coalition agreement is possible between SPD, Greens and FDP $EUR
  • Oil Watch "SPR could release 33 to 82.5mln barrels of crude oil in series of auctions, but it is unlikely to have a material impact on crude markets given China's 10mbpd import and 14mbpd consumption" - Wood Mackenzie
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1cYv9t https://t.co/7Q5Y3RquIj
  • Heads Up:🇯🇵 BoJ Gov Kuroda Speech due at 05:35 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-27
  • 🇯🇵 Leading Economic Index Final (JUL) Actual: 104.1 Previous: 104.2 https://www.dailyfx.com/economic-calendar#2021-09-27
  • Crude Oil Prices Hit 2-Month High on Supply Squeeze, 2021 Top Eyed - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2021/09/27/Crude-Oil-Prices-Hit-2-Month-High-on-Supply-Squeeze-2021-Top-Eyed.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #OOTT #crudeoil https://t.co/Rx9kbVPlys
USD/JPY Stuck In Congestion Zone As Dojis Highlight Trader Indecision

USD/JPY Stuck In Congestion Zone As Dojis Highlight Trader Indecision

David de Ferranti, Currency Analyst

Talking Points

  • USD/JPY Technical Strategy: Pending Short
  • Dojis Demonstrate Indecision From Traders
  • Failure To Breach 103.00 Casts Doubt On Gains

USD/JPY may continue its consolidation with several successive Doji formations denoting indecision from traders. The pair remains in a congestion zone with sellers sitting nearby at 102.77/103.00 and support resting at the 102.20 floor. A break of either region would be required to offer a clearer directional bias.

USD/JPY: Dojis Highlight Hesitation Near Key Technical Levels

USD/JPY Stuck In Congestion Zone As Dojis Highlight Trader Indecision

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

The four hour chart offered an early warning sign of USD/JPY’s intraday reversal. The Shooting Star formation near 102.75 suggested a retracement to nearby support at 102.40. However, with bullish signals seemingly absent, a recovery over the session ahead is questionable.

USD/JPY: Searching For Direction With Bullish Patterns Absent

USD/JPY Stuck In Congestion Zone As Dojis Highlight Trader Indecision

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

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.

DISCLOSURES