Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
USD/JPY Slips Below Support After Dojis Signaled Bulls’ Reluctance

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

David de Ferranti, Currency Analyst

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

To receive David’s analysis directly via email, please sign up here.

Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

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

DISCLOSURES