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- USD/JPY Technical Strategy: Sidelines Preferred
- Doji Suggests Some Reluctance Near 108.00
- Close Below 108.00 Floor May Open 107.00
The four hour chart reveals a disdain from traders towards several
recent reversal patterns including a Piercing Line and Morning Star
formation. This suggests the threshold to reinvigorate the bulls may be
high, and casts some doubt over a potential recovery. Some intraday
buying interest is evident near 108.00, below which may see some support
renewed at 107.40.