0
171
USDJPY traders are showing signs of indecision as denoted by a Doji on
the daily. Yet in the absence of clear reversal signals there remains
the potential for a journey higher to resume. The daily close above the
107 hurdle may set the pair up for a grind towards the next
psychologically-significant ceiling at 108.00.
Lack of Reversal Signals:
The four hour chart reveals a congestion zone has formed between 107.00
and 107.40. A medley of short body sessions and Doji candlesticks
highlights hesitation amongst traders. Yet the bulls appear unprepared
to relinquish their grip on prices amid a void of bearish reversal
signals.