USDJPY Technical Analysis: Doji on H4 and Shooting Star Awaiting Confirmation

• USDJPY Technical Strategy: Pending Long
• Shooting Star Awaiting Confirmation
• Doji on H4

USD/JPY’s recent rocket higher is at risk of losing fuel as a Shooting Star begins to take shape on the daily. If confirmed by the close of the current candle and a successive down period the bearish candlestick may be the precursor to a further correction. However, against the backdrop of a short-term uptrend buying dips would be preferred.

The four hour chart offered an early indication that USDJPY’s upside momentum was fading. A Doji formation near 105.28 signaled hesitation from the bulls. Yet classic reversal signals appear lacking at this stage. A continued retreat is likely to find buying interest renewed near intraday support at 104.42.