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Forex Strategy: USD/JPY Eyes 104.90 As Reversal Signal Remains Absent

Forex Strategy: USD/JPY Eyes 104.90 As Reversal Signal Remains Absent

David de Ferranti, Currency Analyst

Talking Points

  • USD/JPY Technical Strategy: Longs preferred
  • 1st target hit, looking for extension to 104.90
  • Absence of reversal signal suggests gains to continue

Following the breakout above 102.70 the initial target offered at 103.50 for USD/JPY has been hit. While the psychologically-significant level of 104.00 may put up some resistance, a bearish reversal signal remains absent on both the daily and four hour timeframes. This suggests a possible extension towards 104.90 over the coming days.

USD/JPY: Breaks Out Above 103.50

Forex-Strategy-USDJPY-Eyes-104.90-As-Reversal-Signal-Remains-Absent_body_Picture_2.png, Forex Strategy: USD/JPY Eyes 104.90 As Reversal Signal Remains Absent

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart; the bulls continue to dominate prices following a drawn-out struggle with sellers near 102.50/70.

USD/JPY: May Continue Gains As Reversal Signal Lacking

Forex-Strategy-USDJPY-Eyes-104.90-As-Reversal-Signal-Remains-Absent_body_Picture_1.png, Forex Strategy: USD/JPY Eyes 104.90 As Reversal Signal Remains Absent

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.