We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Bearish
Wall Street
Bearish
Gold
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.52%, while traders in US 500 are at opposite extremes with 74.73%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/2zuDQFrljo
  • Fed Discount-Rate Meeting Minutes: - Directors reported noteworthy declines to economic activity, particularly in retail, tourism, and travel industries - Several directors expect jobless rate to increase further in coming months $DXY $SPX
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Wall Street: 1.48% US 500: 0.58% FTSE 100: 0.16% Germany 30: -0.05% France 40: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/qJvZxDmmST
  • Dow Jones Index strength continues in afternoon trading, as recovery hopes spur risk appetite $DJI https://t.co/4M6CoMdyGn
  • $USDCAD dives to lowest level since March 15 on USD weakness https://t.co/8abAuksdMo
  • #Equities: US futures on the front-foot with market participants returning from their elongated break, which in turn sees the S&P 500 pierce the psychological 3000. Get your #equities market update from @JMcQueenFX here: https://t.co/7O447VkToZ https://t.co/TyXEaPVnbb
  • LIVE NOW: Join @JStanleyFX as he runs through price action set-ups for the FX and CFDs market. https://www.dailyfx.com/webinars/1338844901231735299
  • it's time for the webinar, starting right now https://www.dailyfx.com/webinars/1338844901231735299 https://t.co/gLQFjotDmG
  • Senate Majority Leader McConnell says drop in revenue for States a concern, but national debt is also concerning- BBG
  • LIVE IN 5 MINUTES: Join @JStanleyFX as he runs through price action set-ups for the FX and CFDs market. https://www.dailyfx.com/webinars/1338844901231735299
Forex Strategy: USD/JPY Bulls Continue Charge Towards 103.50

Forex Strategy: USD/JPY Bulls Continue Charge Towards 103.50

2014-04-01 11:49:00
David de Ferranti, Currency Analyst
Share:

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-Bulls-Continue-Charge-Towards-103.50_body_Picture_2.png, Forex Strategy: USD/JPY Bulls Continue Charge Towards 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-Bulls-Continue-Charge-Towards-103.50_body_Picture_1.png, Forex Strategy: USD/JPY Bulls Continue Charge Towards 103.50

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.

DISCLOSURES

News & Analysis at your fingertips.