Forex Strategy: USD/JPY Breakout Opens Advance To 103.50
- USD/JPY Technical Strategy: Longs preferred
- Clearance of 102.70 mark opens advance to 103.50
- Absence of reversal signal suggests gains to continue
USD/JPY has staged a breakout above the 102.70 mark that had acted to cap gains for the pair for most of March. With a bearish reversal signal lacking on both the daily and four hour timeframes the gains may be set to continue with a target offered by 103.50.
USD/JPY: Bulls Take Out Sellers Around 102.70
Daily Chart - Created Using FXCM Marketscope 2.0
Drilling down to the four hour chart; the bulls have finally taken control of price action following a drawn-out struggle around 102.50/70. With a reversal signal remaining absent, further gains may be possible in intraday trade.
USD/JPY: Aims Higher In Absence of Reversal Signal
Four Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, FXCM
Follow David on Twitter: @Davidde
To receive David’s analysis directly via email, please sign up here.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.