USD/JPY To Maintain Upward Trajectory With Reversal Signals Missing
- USD/JPY Technical Strategy: Longs Preferred
- Absence of reversal signals opens further gains
- Spotlight on 102.00/20 as immediate resistance
USD/JPY could maintain its upward trajectory with bearish reversal patterns lacking for the pair. This puts the spotlight on the range-top at 102.20 which may see some sellers emerge. A daily close above the resistance level would be required to suggest enough conviction amongst the bulls to open the 102.77 mark.
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart reveals a similar narrative for USD/JPY with few signals for a potential correction at this point. Intraday support rests nearby for the pair at 101.75, while a push higher is likely to be met by some resistance at the psychologically-significant 102.00 handle.
USD/JPY: Absence of Reversal Signals Casts Doubt On A Correction
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
To receive David’s analysis directly via email, please sign up here.
Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.