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USD/JPY Technical Analysis: Doji Suggests Some Reluctance Near 108.00 and Close Below 108.00 Floor May Open 107.00

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by , 10-09-2014 at 11:23 PM (1028 Views)
      
   
USD/JPY is at a critical juncture as the pair probes below the 108.00 floor. Yet hesitation amongst traders at the critical barrier is made evident by a Doji in recent trade. A close under the 108.00 floor would potentially herald a deeper correction to the 107.00 mark
[IMG]https://media.dailyfx.com/illustrations/2014/10/09/USDJPY-Doji-Denotes-Indecision-As-Suspenseful-Trade-Near-108-Endures_body_Picture_2.png[/IMG]

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.

By David de Ferranti, Currency Analyst, DailyFX


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