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USD/JPY Doji Denotes Indecision As Suspenseful Trade Near 108 Endures

USD/JPY Doji Denotes Indecision As Suspenseful Trade Near 108 Endures

2014-10-09 07:30:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/JPY Technical Strategy: Sidelines Preferred
  • Doji Suggests Some Reluctance Near 108.00
  • Close Below 108.00 Floor May Open 107.00

USD/JPY is at a critical juncture as the pair probes below the 108.00 floor. Yet hesitation amongst traders at the critical barrier is made evident by a Doji in recent trade. A close under the 108.00 floor would potentially herald a deeper correction to the 107.00 mark.

USD/JPY: Doji Highlights Hesitation Near 108.00 Barrier

USD/JPY Doji Denotes Indecision As Suspenseful Trade Near 108 Endures

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

The four hour chart reveals a disdain from traders towards several recent reversal patterns including a Piercing Line and Morning Star formation. This suggests the threshold to reinvigorate the bulls may be high, and casts some doubt over a potential recovery. Some intraday buying interest is evident near 108.00, below which may see some support renewed at 107.40.

USD/JPY: Disdain For Bullish Patterns Casts Doubt On A Recovery

USD/JPY Doji Denotes Indecision As Suspenseful Trade Near 108 Endures

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

By David de Ferranti, Currency Analyst, DailyFX

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