USD/JPY Clings To Key Level As The Parade Of Dojis Persists
- Strategy: Long, Target: 119.80, Stop: 117.80 (Daily Close)
- Dojis Suggest Bulls Lacking Fuel Near Key Support
- Intraday Trade Reveals Reluctance From Traders
USD/JPY is clinging to the 117.90 level of support/resistance with a parade of Dojis denoting indecision from traders. Yet with more definitive bearish reversal signals lacking a correction is questionable and longs are still preferred. The next upside target to work with is at the 119.80 barrier.
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 snaking series of short-body candles suggesting caution in intraday trade. An absence of clearer cues from candlesticks leaves a more constructive setup desired.
USD/JPY: String of Short-Body Candles and Dojis 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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