USD/JPY Technical Analysis: Back-to-back doji candles signal indecision in the market

The USD/JPY pair created doji candle on Monday and Tuesday, signaling indecision in the marketplace.
A break above 114.23 (high of the Monday's doji) would signal a resumption of the rally from the Oct. 26 low of 111.38 and would open up upside toward the recent high of 114.55.
The 5-day and 10-day simple moving averages (SMAs) are trending north indicating a bullish setup. Further, the pair has found acceptance above 113.34 – 61.8% Fib R of 114.55/111.38. As a result, the pair is likely to cross 114.23 in favor of the bulls.
A close below 113.58 (low of yesterday's doji) would confirm a short-term bearish doji reversal, although prospects of a deeper drop would remain low as long as the pair is holding above the 10-day SMA.

Omkar Godbole FXStreet Contributor

Daily Chart

Trend: Neutral-to-bullish

USD/JPY

Overview:
    Last Price: 113.94
    Daily change: 17 pips
    Daily change: 0.149%
    Daily Open: 113.77
Trends:
    Daily SMA20: 112.96
    Daily SMA50: 112.68
    Daily SMA100: 111.95
    Daily SMA200: 110.08
Levels:
    Daily High: 114.16
    Daily Low: 113.58
    Weekly High: 114.1
    Weekly Low: 112.94
    Monthly High: 114.56
    Monthly Low: 111.38
    Daily Fibonacci 38.2%: 113.94
    Daily Fibonacci 61.8%: 113.8
    Daily Pivot Point S1: 113.52
    Daily Pivot Point S2: 113.26
    Daily Pivot Point S3: 112.94
    Daily Pivot Point R1: 114.1
    Daily Pivot Point R2: 114.42
    Daily Pivot Point R3: 114.68

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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