USDJPY Technical Strategy

• Dojis Demonstrate Indecision From Traders
• Failure To Breach 103.00 Casts Doubt On Gains

USDJPY may continue its consolidation with several successive Doji formations denoting indecision from traders. The pair remains in a congestion zone with sellers sitting nearby at 102.77/103.00 and support resting at the 102.20 floor.

Dojis Highlight Hesitation Near Key Technical Levels

The four hour chart offered an early warning sign of intraday reversal. Shooting Star formation near 102.75 suggested a retracement to nearby support at 102.40. However, with bullish signals seemingly absent, a recovery over the session ahead is questionable.

Searching For Direction With Bullish Patterns Absent