USDJPY Technical Analysis: Longs Preferred, Doji by indecision, Daily Close Above 107.00 With Next 108.00

USDJPY traders are showing signs of indecision as denoted by a Doji on the daily. Yet in the absence of clear reversal signals there remains the potential for a journey higher to resume. The daily close above the 107 hurdle may set the pair up for a grind towards the next psychologically-significant ceiling at 108.00.

Lack of Reversal Signals:

The four hour chart reveals a congestion zone has formed between 107.00 and 107.40. A medley of short body sessions and Doji candlesticks highlights hesitation amongst traders. Yet the bulls appear unprepared to relinquish their grip on prices amid a void of bearish reversal signals.