Talking Points
- USD/JPY Technical Strategy: Pending Long
- Daily Close Above Range-Top Required To Confirm Break
- Correction Questionable With Reversal Signals Lacking
USD/JPY has rocketed through critical resistance and awaits a daily close to signal sufficient conviction amongst traders to lead a charge on 104.00. At this stage bearish reversal signals are notably absent, which casts some doubt on the potential for a correction to the range-bottom.
USD/JPY: Awaits Daily Close Above 103.00 To Confirm Breakout
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart offers few indications of a potential pullback over the remainder of the session. The void of key reversal candlesticks suggests that the bulls remain in control of prices at this point. However, keep an eye on intraday price action for early warnings of a false breakout.
USD/JPY: Bulls Continue Charge With Reversal Signals Lacking
Four Hour Chart - Created Using FXCM Marketscope 2.0,Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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