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USD/JPY Slips Below Support After Dojis Signaled Bulls’ Reluctance

USD/JPY Slips Below Support After Dojis Signaled Bulls’ Reluctance

2014-11-27 07:11:00
David de Ferranti, Currency Analyst
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Talking Points

  • Strategy: Flat, Pending Long On Bullish Signal Near 115.90
  • Dojis Indicated Reluctance From The Bulls Near 117.90
  • Intraday Trade Reveals Reluctance From Traders

USD/JPY has slipped below the 117.90 support level after a string of Dojis suggested hesitation from traders to lead the pair higher. While key reversal patterns are lacking the next level of buying interest rests at the 115.90 mark - suggesting some scope for a shallow pullback. The emergence of a bullish signal at the barrier would be seen as an opportunity to re-initiate longs.

USD/JPY: Dojis Suggest Bulls Running Low On Fuel

USD/JPY Slips Below Support After Dojis Signaled Bulls’ Reluctance

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 before re-initiating longs.

USD/JPY: String of Short-Body Candles and Dojis Endures

USD/JPY Slips Below Support After Dojis Signaled Bulls’ Reluctance

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

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @DaviddeFe

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