USD/JPY Stuck In Congestion Zone As Dojis Highlight Trader Indecision
- 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
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
Four Hour Chart - Created Using FXCM Marketscope 2.0,Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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