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USD/JPY Dragonfly Doji Suggests Hesitation Ahead Of 117

USD/JPY Dragonfly Doji Suggests Hesitation Ahead Of 117

David de Ferranti, Currency Analyst

Talking Points

  • Strategy: Long, Target: 117.90, Stop: 115.90 (Daily Close)
  • Dragonfly Doji On The Daily Suggests Indecision
  • H4 Demonstrates Reluctance From The Bulls Near 116.80

USD/JPY’s intraday rebound has left a Dragonfly Doji in its path, suggesting some hesitation from traders. Yet the risks likely remain skewed to the upside given the absence of a more definitive reversal signal and a core uptrend. Buying interest remains at the 115.90 floor.

USD/JPY: Dragonfly Doji Suggests Indecision From Traders

USD/JPY Dragonfly Doji Suggests Hesitation Ahead Of 117

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

The four hour chart paints a similar picture to the daily. A medley of Dojis on the intraday timeframe suggest a reluctance from the bulls to push the pair above the 116.80 barrier. Yet a lack of bearish reversal patterns casts doubt on a potential pullback over the session ahead.

USD/JPY: Bearish Engulfing Formation Offered An Early Warning

USD/JPY Dragonfly Doji Suggests Hesitation Ahead Of 117

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

By David de Ferranti, Currency Analyst, DailyFX

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.