USD/JPY Doji Denotes Hesitation On Journey Towards Range-Top
- USD/JPY Technical Strategy: Longs Preferred
- Doji Suggests Indecision, Yet Bearish Patterns Absent
- Daily Close Above The 102.20 Hurdle Opens 103.00
A Doji on the daily denotes some hesitation from the bulls, yet is insufficient to suggest a turning point at this stage. However, if a bearish candlestick emerges near the critical resistance zone, it would provide a fresh opportunity to play the ongoing range.
USD/JPY: Hammer Formation Puts Range-Top In Sight
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart should be closely monitored for early warning signs of a reversal for USD/JPY near the 102.75 to 103.00 congestion zone. Yet with a Bullish Engulfing formation in its wake the immediate risk remains to the upside for now.
USD/JPY: Awaiting Reversal Signal On Retest of 103.00
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.