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Talking Points
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Strategy: Flat Pending Long On Bullish Signal Near 115.90
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Dojis Indicated Reluctance From The Bulls Near 117.90
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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
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
Four Hour Chart - Created Using FXCM Marketscope 2.0Volume Indicator Available Here
By David de Ferranti Currency Analyst DailyFX
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