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USDJPY Technicals - Parade of Dojis Highlight Indecision Amongst Traders

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by , 08-28-2014 at 11:09 PM (880 Views)
      
   
Talking Points

[LIST][*]USD/JPY Technical Strategy: Sidelines Preferred [*]Daily Close Below 104.00 Suggests A ‘False Breakout’ [*]Parade of Dojis Highlight Indecision Amongst Traders [/LIST]
The USD/JPY bulls have seemingly lost their grip on the pair after a Doji signaled hesitation from traders near 104.00. The daily close below the critical barrier warns of further weakness and may set the scene for a retest of the 103.00 floor.

[U]Daily Close Confirms ‘False Breakout’
[/U]
[IMG]https://media.dailyfx.com/illustrations/2014/08/28/USDJPY-Loses-Steam-With-Dojis-Indicating-Indecision_body_Picture_2.png[/IMG]

A narrow trading band and parade of Dojis on the four hour chart is indicative of indecision amongst traders. This suggests awaiting a more constructive set of signals before entering new positions may be prudent.

[U]Dojis Indicate Indecision As Trading Band Emerges
[/U]
[IMG]https://media.dailyfx.com/illustrations/2014/08/28/USDJPY-Loses-Steam-With-Dojis-Indicating-Indecision_body_Picture_1.png[/IMG]

By David de Ferranti, Currency Analyst, DailyFX


[URL="http://www.dailyfx.com/forex/technical/candlesticks/usd-jpy/2014/08/28/USDJPY-Loses-Steam-With-Dojis-Indicating-Indecision.html"]More...[/URL]

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