We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bullish
Gold
Bullish
Oil - US Crude
Bullish
Bitcoin
Mixed
More View more
Real Time News
  • Missed today's Cross-Market Weekly Outlook webinar? See the recording here: https://t.co/d1rb3hCZTH We discussed: - US-China #trade deal - #Brexit outlook after the UK general election - US #Dollar outlook going into 2020
  • European Opening Calls From IG: #FTSE 7392 +0.53% #DAX 13346 +0.48% #CAC 5955 +0.60% #AEX 607 +0.74% #MIB 23509 +0.77% #IBEX 9622 +0.61% #STOXX 3754 +0.61%
  • Traders should know how to confidently approach, enter and exit both Bull or Bear markets. Need some insight into it? Get it from @nickcawley1 here: https://t.co/GhvvFrB3gz https://t.co/IbzSBk5Hb1
  • Join @DavidCottleFX 's #webinar at 3:00 AM ET/8:00 AM GMT for your weekly update on the top Asia Pacific market drivers that traders should watch this week. Register here: https://t.co/HNf3Axw8s5 https://t.co/iMMiza1J1d
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/im72E4Szmi
  • The Riksbank – the world’s oldest central bank - will exit its negative interest rate policy for the first time in known history as officials explore uncharted territory with unknown consequences. https://www.dailyfx.com/forex/fundamental/article/special_report/2019/12/16/Worlds-Oldest-Central-Bank-to-Exit-Negative-Rate-Policy-First.html
  • The Indonesian Rupiah, Malaysian Ringgit, Philippine Peso and Singapore Dollar may continue their rise against the US Dollar on global optimism amid a US-China trade deal #ASEAN #IDR #PHP #USD - https://www.dailyfx.com/forex/fundamental/article/special_report/2019/12/16/Indonesian-Rupiah-Malaysian-Ringgit-May-Rise-on-US-China-Deal.html?CHID=9&QPID=917702 https://t.co/GYaUYookwM
  • LIVE NOW: In this session, Currency Analyst @ZabelinDimitri will preview the upcoming week's main political themes and discuss their impact on financial markets. https://www.dailyfx.com/webinars/146770987
  • LIVE IN 30 MIN: In this session, Currency Analyst @ZabelinDimitri will preview the upcoming week's main political themes and discuss their impact on financial markets. https://www.dailyfx.com/webinars/146770987
  • How will the $JPY respond as the Bank of Japan appears to begin walking back from years of assuring the markets that ‘powerful monetary easing’ would be enough to stoke inflation? Get your market update from @DavidCottleFX here:https://t.co/ETZgk4xf5U https://t.co/ArTaaTninN
USD/JPY Bulls Lose Conviction As A Doji Highlights Hesitation Near 109

USD/JPY Bulls Lose Conviction As A Doji Highlights Hesitation Near 109

2014-09-24 07:32:00
David de Ferranti, Currency Analyst
Share:

Talking Points

  • USD/JPY Technical Strategy: Sidelines Preferred
  • Absence of Bearish Candlesticks Casts Doubt On A Correction
  • Daily Close Above 109.40 Needed To Open Ascent On 110.65

USD/JPYappears to have run out of steam near the 109 handle as a Doji highlights hesitation by the bulls to lead the pair higher. Yet amid a void of classic reversal patterns a correction is questionable. A daily close above the 109.40 mark could open the next leg higher towards the August ’08 high at 110.65.

USD/JPY: Bulls Lose Steam Near 109.40 Ceiling

USD/JPY Bulls Lose Conviction As A Doji Highlights Hesitation Near 109

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

The four hour chart may be offering an early warning of a potential pullback. An Evening Star formation has received confirmation and suggests a possible retreat for the pair to intraday buying support at 108.33. Yet given the context afforded by the daily, a further correction may be limited.

USD/JPY: Evening Star Warns Of Intraday Dip

USD/JPY Bulls Lose Conviction As A Doji Highlights Hesitation Near 109

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.

DISCLOSURES

News & Analysis at your fingertips.