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
USD/JPY Breaks Above 104.00 Hurdle With Reversal Patterns Missing

USD/JPY Breaks Above 104.00 Hurdle With Reversal Patterns Missing

David de Ferranti, Currency Analyst

Talking Points

  • USD/JPY Technical Strategy: Longs Preferred
  • Breakout Leaves Void Of Bearish Patterns
  • H4 Chart Offered Intraday Correction Warning

USD/JPY has finally cleared the critical 104.00 barrier with a void of bearish signals suggesting the potential for further gains. This leaves the spotlight on the Mid-January highs near 104.85. A daily close below 104.00 would signal a false breakout and warn of a more sustained correction for the pair.

USD/JPY: Climbs Over 104.00 Barrier With Bearish Patterns Lacking

USD/JPY Breaks Above 104.00 Hurdle With Reversal Patterns Missing

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

A Harami formation on the four hour timeframe offered an early indication of the potential for a slight pullback. However, with strong buying support likely sitting around the 104.00 handle the extent of further declines may be limited.

USD/JPY: Harami Warned Of An Intraday Correction

USD/JPY Breaks Above 104.00 Hurdle With Reversal Patterns Missing

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.

DISCLOSURES