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USD/JPY Loses Steam With Dojis Indicating Indecision

USD/JPY Loses Steam With Dojis Indicating Indecision

David de Ferranti, Currency Analyst

Talking Points

  • USD/JPY Technical Strategy: Sidelines Preferred
  • Daily Close Below 104.00 Suggests A ‘False Breakout’
  • Parade of Dojis Highlight Indecision Amongst Traders

The USD/JPY bulls have seemingly lost their grip on the pair after a Doji signaled hesitation from traders near 104.00. The daily close below the critical barrier warns of further weakness and may set the scene for a retest of the 103.00 floor.

USD/JPY: Daily Close Confirms ‘False Breakout’

USD/JPY Loses Steam With Dojis Indicating Indecision

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

A narrow trading band and parade of Dojis on the four hour chart is indicative of indecision amongst traders. This suggests awaiting a more constructive set of signals before entering new positions may be prudent.

USD/JPY: Dojis Indicate Indecision As Trading Band Emerges

USD/JPY Loses Steam With Dojis Indicating Indecision

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

By David de Ferranti, Currency Analyst, DailyFX

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