Talking Points
- USD/JPY Technical Strategy: Longs Preferred
- Absence of reversal signals opens further gains
- Spotlight on 102.00/20 as immediate resistance
USD/JPY could maintain its upward trajectory with bearish reversal patterns lacking for the pair. This puts the spotlight on the range-top at 102.20 which may see some sellers emerge. A daily close above the resistance level would be required to suggest enough conviction amongst the bulls to open the 102.77 mark.
USD/JPY: Continues Its March Higher With Reversal Signals Missing
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart reveals a similar narrative for USD/JPY with few signals for a potential correction at this point. Intraday support rests nearby for the pair at 101.75, while a push higher is likely to be met by some resistance at the psychologically-significant 102.00 handle.
USD/JPY: Absence of Reversal Signals Casts Doubt On A Correction
Four Hour Chart - Created Using FXCM Marketscope 2.0,Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
Follow David on Twitter: @Davidde
To receive David’s analysis directly via email, please sign up here.
Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.
original source
