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USD/JPY Grinding Towards 107.00 Target Amid Void Of Bearish Candles

USD/JPY Grinding Towards 107.00 Target Amid Void Of Bearish Candles

2014-09-10 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/JPY Technical Strategy: Longs Preferred
  • Break Through 105.40 Barrier Opens The 107.00 Handle
  • Correction Questionable Amid Void Of Reversal Candles

USD/JPY’s climb may continue following a breach of the 106.00 barrier with key reversal patterns notably lacking. This may set the pair up for a grind towards the next psychologically-significant hurdle at 107.00.

USD/JPY: Lack of Reversal Signals Opens Further Gains

USD/JPY Grinding Towards 107.00 Target Amid Void Of Bearish Candles

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

The four hour chart reveals a struggle amongst traders at the 106.43 barrier. Yet the bulls appear unprepared to relinquish their grip on prices given a Bearish Engulfing formation failed to find follow-through. This leaves the risks skewed to the upside for the pair on a break of the nearby ceiling.

USD/JPY: Climb Encounters Congestion, Yet Bulls Remain In Control

USD/JPY Grinding Towards 107.00 Target Amid Void Of Bearish Candles

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

By David de Ferranti, Currency Analyst, DailyFX

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