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Talking Points
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USD/JPY Technical Strategy: Sidelines Preferred
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Hanging Man Arises At Critical 108.00 Handle
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H4 Chart Indicates Tug-Of-War With Dojis In Tow
USD/JPY has managed to regain some lost ground yet while in the shadow of a Hanging Man there may be limited scope for further gains. A deeper setback to former resistance-turned-support at 107.25 may see buying interest renewed.
USD/JPY: Reversal Signal Emerges At 108.00 Handle
Daily Chart - Created Using FXCM Marketscope 2.0 Volume Indicator Available Here
The four hour chart paints a less negative picture than the daily with a consolidation over the past several sessions evident. Yet the proximity to the recent peaks and a pair of Dojis suggests the bulls are hesitant to lead the pair higher.
USD/JPY: Dojis Suggest Indecision Near Recent Peaks
Four Hour Chart - Created Using FXCM Marketscope 2.0Volume Indicator Available Here
By David de Ferranti Currency Analyst DailyFX
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