USD/JPY Grinding Towards 107.00 Target Amid Void Of Bearish Candles
- 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.
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
Four Hour Chart - Created Using FXCM Marketscope 2.0,Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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