Talking Points
- USD/JPY Technical Strategy: Longs Preferred
- Absence of Bearish Candlesticks Casts Doubt On A Correction
- Daily Close Above 107.00 May Open Grind Towards 108.00
USD/JPY has rocketed higher from the 107.00 launch pad with a void of bearish candlesticks in its trail. The daily close above the 108 hurdle may set the pair up for a grind towards the next psychologically-significant ceiling at 109.00.
USD/JPY: Resumes Its Journey Higher With Bearish Candles Lacking
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
USD/JPY has finally cleared the congestion zone between 107.00 and 107.40. While a Dark Cloud Cover pattern has emerged near 108.80, the key reversal pattern awaits confirmation before suggesting a potential correction. Given the context afforded by the daily a break higher would be preferred before looking at new long positions.
USD/JPY: Dark Cloud Cover Left Lacking Confirmation Near Intraday Resistance
Four Hour Chart - Created Using FXCM Marketscope 2.0,Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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