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USD/JPY Short Body Candles Suggest Caution Persists Near 107.00

USD/JPY Short Body Candles Suggest Caution Persists Near 107.00

2014-10-23 04:10:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/JPY Technical Strategy: Sidelines Preferred
  • Short Body Candles Highlight Hesitation Near 107.00
  • H4 Chart Candlestick Formations Indicate Indecision

USD/JPY’s medley of short body candles and a Doji formation suggests a lack of conviction from traders as hovers near the 107.00 handle. As noted in recent reports a clean ascent from 105.40 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 Short Body Candles Suggest Caution Persists Near 107.00

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

The four hour chart tells a similar story to the daily with a parade of short-body candles highlighting hesitation from traders near 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 Short Body Candles Suggest Caution Persists Near 107.00

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

By David de Ferranti, Currency Analyst, DailyFX

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