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Bank of England Tapers QE Purchases, leaves Bank Rate & APF Target Unchanged

USD/JPY Traders Await Clearer Guidance As A Doji Signals Hesitation

USD/JPY Traders Await Clearer Guidance As A Doji Signals Hesitation

David de Ferranti, Currency Analyst

Talking Points

  • USD/JPY Technical Strategy: Sidelines Preferred
  • Doji Signals Hesitation From The Bulls Near 106.80
  • H4 Chart Candlestick Formations Indicate Indecision

USD/JPY’s price compression has yielded a Dragonfly Doji on the daily, which suggests hesitation from traders near 107.00. As noted in recent reports a clean run higher was likely to prove challenging, given the congestion between current levels and the recent peak at 110. This leaves a clearer directional bias desired before adopting fresh positioning.

USD/JPY: Recovery Stumbles As A Doji Denotes Reluctance From The Bulls

USD/JPY Traders Await Clearer Guidance As A Doji Signals Hesitation

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

A string of Dojis on the four hour chart suggests hesitation from traders near intraday resistance at 107.50. Yet an absence of key reversal patterns near the ceiling casts doubt on a potential correction over the session ahead.

USD/JPY: Dojis Indicate Indecision Near Intraday Ceiling

USD/JPY Traders Await Clearer Guidance As A Doji Signals Hesitation

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

By David de Ferranti, Currency Analyst, DailyFX

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