USD/JPY Taps 107 Target Amid Lack Of Key Reversal Candlesticks
- USD/JPY Technical Strategy: Longs Preferred
- Daily Close Above 107.00 To Open Grind Towards 108.00
- Correction Questionable Amid Void Of Reversal Candles
USD/JPYhas taken the next leap higher to reach the 107.00 target offered in recent reports. A void of bearish reversal signals casts some doubt on the possibility of a correction. A daily close above the 107.00 ceiling may set the pair up for a grind towards the next psychologically-significant hurdle at 108.00.
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart reveals a struggle amongst traders at the 107.00 barrier. Yet the bulls appear unprepared to relinquish their grip on prices. 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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