USDJPY Morning Star (Doji) Hourly Chart Resistance: 96.57 moderate/97.04 minor/97.48 minor Support:…
Posts Tagged ‘doji’
The Doji candlestick is one of the first that most traders learn. If we do a survey in our webinars on the most popular candle, the doji invariably wins out
USDJPY Forecast The USDJPY was indecisive yesterday, made a Doji on daily chart.
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The USDX has closed the week as a doji.
The EURUSD was volatile but indecisive this week, made a Doji on weekly chart.
The EURUSD had another indecisive movement this week, made another Doji on weekly chart. There are no changes in my technical outlook where overall price is still in a consolidation phase, a non trending market
Prices put in a pair of Doji candlesticks at 76.28, the 76.4 percent Fibonacci extension support level, pointing to indecision above the pair's record low, hinting a correction higher may be ahead.
USDCHF Forecast The USDCHF slipped above the flag formation as you can see on my h4 chart below, but we have no significant upside breakout so far and price made another Doji formation on daily chart. Three Dojis since Thursday is more than enough to show us that price is now consolidating. The bias remains neutral in nearest term. I still prefer a bullish scenario with 0.9750 â€“ 0.9800 remains the nearest bullish target. Immediate support remains around 0.9600 followed by 0.9550. Â©2011 . All Rights Reserved.
USDJPY Forecast The USDJPY was indecisive yesterday, made a Doji on daily chart. The bias is neutral in nearest term but overall still with more upside bias after the false breakdown below the trend line support and strong break above 82.33 testing 84.40 key resistance area. Immediate support remains around 82.80. Break below that area could trigger further bearish pullback testing 82.33 support area. Â©2011 . All Rights Reserved.
The EURUSD attempted to push higher this week, topped at 1.3498 but whipsawed to the downside, bottomed at 1.3132 and closed at 1.3187.Â I still prefer a bearish scenario for this pair, but would need a consistent move below 1.3170 to continue the bearish pressure. I have three technical bearish clues as you can see on my chart below. First, the rising wedge formation has been violated to the downside.Â Second, we have a gravestone Doji on weekly chart. Like the rising wedge formation, a gravestone Doji usually appear after a bullish run and signalingÂ potential bearish reversal, but regardless of the previous movement, this candle stick pattern shows indecisive market but with more downside bias. Third, CCI still in negative territory on h4 chart. In the upcoming week, a clear break below 1.3132 would give us further validation to the bearish scenario targeting 1.2968 â€“ 1.2920 support area. On the upside, immediate resistance is seen around 1.3280. Break above that area could trigger further bullish momentum re-testing 1.3359 and 1.3438 resistance levels. Bullish scenario would have further validation with a clear break above 1.3498 (the top of the gravestone Doji). Have a great weekend and see you guys next week.