- USD/JPY Technical Strategy: Sidelines Preferred
- Daily Close Below 104.00 Suggests A ‘False Breakout’
- Parade of Dojis Highlight Indecision Amongst Traders
The USD/JPY bulls have seemingly lost their grip on the pair after a Doji signaled hesitation from traders near 104.00. The daily close below the critical barrier warns of further weakness and may set the scene for a retest of the 103.00 floor.
USD/JPY: Daily Close Confirms ‘False Breakout’
A narrow trading band and parade of Dojis on the four hour chart is indicative of indecision amongst traders. This suggests awaiting a more constructive set of signals before entering new positions may be prudent.
USD/JPY: Dojis Indicate Indecision As Trading Band Emerges
By David de Ferranti, Currency Analyst, DailyFX
Follow David on Twitter: @Davidde
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.