USD/JPY Aiming Higher With Bearish Candlestick Patterns Lacking
- 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.
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.
Four Hour Chart - Created Using FXCM Marketscope 2.0,Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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