Forex Marketz Daily Forex News – Fully Markets Update
USD/JPY (¥107.067)
The sideways movement in the USD/JPY Forex pair has now formed a very specific type of Doji, which is indicating buyer’s hesitation below ¥106.78. We are noting a Dragon Fly Doji, see below daily MT 4 chart. We had mentioned in earlier reports that a strong run higher would be unlikely and we would have hiccups. We have serious technical congestion levels up to ¥110.05 that we must deal with before a strong breakout. This indicates flat trading until we see a more convincing sign develop.
Looking at the below 4 hour MT 4 chart, we see multiple Dojis close to ¥107.45/50. There are very little reversal patterns, or at least those that are convincing on the intraday chart. This supports our above theory of any clear breakout in either direction today.
