USD/JPY Short Body Candles Suggest Caution Persists Near 107.00
- 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
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
Four Hour Chart - Created Using FXCM Marketscope 2.0,Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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