News & Analysis at your fingertips.

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. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/Dq7umm2uyz
  • RT @FxWestwater: $NZDUSD Struggles as RBNZ Hike Bets Dim. Australian Retail Sales, Chinese Data Near Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/09/27/NZDUSD-Struggles-as-RBNZ-Hike-Bets-Dim-Australian-Retail-Sales-Chinese-Data-Near.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https:/…
  • Heads Up:🇯🇵 BoJ Monetary Policy Meeting Minutes due at 23:50 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-27
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/bDBOkVQlOO
  • Senate GOP blocks bill combining debt ceiling with government funding - BBG
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here: https://t.co/nAa0fHHGbZ https://t.co/DuVdXjufw9
  • Japan says North Korea may have launched ballistic missile Kyodo via BBG
  • Senate GOP has votes to block debt limit, government funding bill - BBG
  • While Bitcoin is really buried into that support at the moment, Ethereum has been more range-bound of recent and as of this writing, price is not quite close to range support. Get your market update from @JStanleyFX here:https://t.co/zKcph0iMG2 https://t.co/36l0wHfbPx
  • 🇰🇷 Consumer Confidence (SEP) Actual: 103.8 Previous: 102.5 https://www.dailyfx.com/economic-calendar#2021-09-27
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

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