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

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

2014-08-06 11:49:00
David de Ferranti, Currency Analyst
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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

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