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USD/JPY Carves Fresh Highs As Absence Of Bearish Patterns Opens 108.00

USD/JPY Carves Fresh Highs As Absence Of Bearish Patterns Opens 108.00

2014-09-12 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/JPY Technical Strategy: Longs Preferred
  • Daily Close Above 107.00 Opens Grind Towards 108.00
  • Correction Questionable Amid Void Of Reversal Candles

USD/JPY has breached the 107.00 target with an absence of bearish signals left in its wake. The daily close above the former ceiling may set the pair up for a grind towards the next psychologically-significant hurdle at 108.00.

USD/JPY: Lack of Reversal Signals Opens Further Gains

USD/JPY Carves Fresh Highs As Absence Of Bearish Patterns Opens 108.00

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

The four hour chart reveals a struggle amongst traders near the 107 handle. Yet the bulls appear unprepared to relinquish their grip on prices amid a void of bearish reversal signals. This leaves the risks skewed to the upside.

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

USD/JPY Carves Fresh Highs As Absence Of Bearish Patterns Opens 108.00

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

By David de Ferranti, Currency Analyst, DailyFX

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