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USD/JPY Price Pattern Analysis - Flat, Pending Long On Bullish Signal Near 115.90

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by , 11-27-2014 at 10:09 PM (837 Views)
      
   
[LIST][*]Strategy: Flat, Pending Long On Bullish Signal Near 115.90 [*]Dojis Indicated Reluctance From The Bulls Near 117.90 [*]Intraday Trade Reveals Reluctance From Traders [/LIST]
USD/JPY has slipped below the 117.90 support level after a string of Dojis suggested hesitation from traders to lead the pair higher. While key reversal patterns are lacking the next level of buying interest rests at the 115.90 mark - suggesting some scope for a shallow pullback. The emergence of a bullish signal at the barrier would be seen as an opportunity to re-initiate longs.

[U]Dojis Suggest Bulls Running Low On Fuel
[/U]
[IMG]https://media.dailyfx.com/illustrations/2014/11/27/USDJPY-Slips-Below-Support-After-Dojis-Signaled-Bulls-Reluctance_body_Picture_2.png[/IMG]

The four hour chart tells a similar story to the daily with a snaking series of short-body candles suggesting caution in intraday trade. An absence of clearer cues from candlesticks leaves a more constructive setup desired before re-initiating longs.
[U]String of Short-Body Candles and Dojis Endures
[/U]
[IMG]https://media.dailyfx.com/illustrations/2014/11/27/USDJPY-Slips-Below-Support-After-Dojis-Signaled-Bulls-Reluctance_body_Picture_1.png[/IMG]

By David de Ferranti, Currency Analyst, DailyFX


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