USDJPY At Doji Range-Bottom

USDJPY At Doji Range-Bottom

17 July 2014, 22:11
  • USDJPY Technical Strategy: Pending Long
  • Doji suggests bulls losing steam after bounce off-range-bottom
The USDJPY bulls have seemingly lost steam in recent trading with the pair posting a Doji formation on the daily. While not a key reversal pattern, the sign of indecision may suggest a loss of confidence to push the pair higher. This puts the all-important 101.20 mark back in focus.

Range-Bottom Back

Scrutinizing the four hour chart; despite USDJPY testing intraday support at 101.45, bullish reversal patterns are absent. This casts doubt over the potential for a bounce over the session ahead. A break lower would set the stage for a drop to 101.20/5.

Reversal Patterns

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