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The USDJPY 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.
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.
Dojis Indicate Indecision As Trading Band Emerges