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Forex Strategy: USD/JPY Breakout Opens Advance To 103.50

Forex Strategy: USD/JPY Breakout Opens Advance To 103.50

David de Ferranti, Currency Analyst

Talking Points

  • 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

Forex-Strategy-USDJPY-Breakout-Opens-Advance-To-103.50_body_Picture_2.png, Forex Strategy: USD/JPY Breakout Opens Advance To 103.50

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

Forex-Strategy-USDJPY-Breakout-Opens-Advance-To-103.50_body_Picture_1.png, Forex Strategy: USD/JPY Breakout Opens Advance To 103.50

Four Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

Follow David on Twitter: @Davidde

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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