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USD/JPY Aiming Higher With Bearish Candlestick Patterns Lacking

USD/JPY Aiming Higher With Bearish Candlestick Patterns Lacking

2014-07-22 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/JPY Technical Strategy: Longs Preferred
  • Absence of reversal signals opens further gains
  • Doji on H4 chart highlights hesitation from the bulls

USD/JPY continues to edge cautiously higher with an absence of bearish reversal signals offering some hope to the bulls for a run on 102.00. However, some skepticism for a further advance may be warranted given the struggles witnessed by the pair on its most recent attempt to crack the psychologically-significant handle.

USD/JPY: Cautious Optimism For Run On 102.00

USD/JPY Aiming Higher With Bearish Candlestick Patterns Lacking

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

Scrutinizing the four hour chart; a Doji formation suggests some hesitation amongst traders to push the pair higher in intraday trade. However, the candlestick is not classed as a key reversal pattern which casts doubt on the potential for a correction. Further gains are likely to target the 101.75 mark.

USD/JPY: Doji Suggests Hesitation Amongst The Bulls

USD/JPY Aiming Higher With Bearish Candlestick Patterns Lacking

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

By David de Ferranti, Currency Analyst, DailyFX

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