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USD/JPY At A Crossroads As A Doji Suggests Doubt Amongst The Bulls

USD/JPY At A Crossroads As A Doji Suggests Doubt Amongst The Bulls

2014-08-18 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/JPY Technical Strategy: Pending Short
  • Doji Suggests Indecision, Yet Bearish Patterns Absent
  • Daily Close Below 102.20 Needed To Open Range-Bottom

USD/JPY remains a critical juncture near its range-top with signs of indecision made evident by a Doji formation on the daily. While not considered a key reversal pattern, the candlestick suggests hesitation from the bulls to lead the currency higher which may be indicative of a small top. A retreat below the 102.20 floor would be required to open the range-bottom at 101.20.

USD/JPY: Bulls In Doubt As Doji Emerges On The Daily

USD/JPY At A Crossroads As A Doji Suggests Doubt Amongst The Bulls

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

The four hour chart has been littered with key reversal candlestick patterns. Yet few have found lasting follow-through. This casts some doubt on the potential for a Hammer formation in intraday trade to lead a sustained advance for the pair. A retest of the 102.75 ceiling and emergence of a bearish formation could offer a new opportunity for short positions.

USD/JPY: Awaiting Reversal Signal On Retest of 102.75/103.00

USD/JPY At A Crossroads As A Doji Suggests Doubt Amongst The Bulls

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

By David de Ferranti, Currency Analyst, DailyFX

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