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USD/JPY Eyes Further Gains With Bearish Candlesticks Absent

USD/JPY Eyes Further Gains With Bearish Candlesticks Absent

2014-07-03 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/JPY Technical Strategy: Longs Preferred
  • Doji suggested hesitation near key support
  • Range between 101.20 and 102.77 remains in play

USD/JPY’s long-held range between 101.20 and 102.77 remains intact after the pair teased at a breakout in recent trading. A Doji near 101.20 signaled hesitation amongst traders, and while not a key reversal pattern, helped herald a bounce.

Traders should note the upcoming US NFPs report hold the potential to spark significant volatility for USD/JPY, which could act to negate technical signals offered.

USD/JPY: Range Remains Intact

USD/JPY Eyes Further Gains With Bearish Candlesticks Absent

Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

Scrutinizing the four hour chart below there is a notable absence of bearish reversal formations, which casts doubt on the potential for a pullback in intraday trade. The bulls were seemingly undeterred by an Evening Star formation near 101.65, suggesting they remain in control of prices for now.

USD/JPY: Bearish Reversal Patterns Absent In Intraday Trade

USD/JPY Eyes Further Gains With Bearish Candlesticks Absent

Four Hour Chart - Created Using FXCM Marketscope 2.0,Volume Indicator Available Here

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @Davidde

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