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USD/JPY Eyes Further Gains With Key Reversal Candlesticks Missing

USD/JPY Eyes Further Gains With Key Reversal Candlesticks Missing

David de Ferranti, Currency Analyst

Talking Points

  • USD/JPY Technical Strategy: Longs Preferred
  • Absence of Bearish Candlesticks Casts Doubt On A Correction
  • Daily Close Above 109.00 May Open Rise Towards 110.65

USD/JPY has hit the 109 target offered in recent reports amid a void of bearish reversal signals. A daily close above the nearby barrier could open the next leg higher towards the August ’08 high at 110.65.

USD/JPY: Continues Its Journey Higher With Bearish Candles Lacking

USD/JPY Eyes Further Gains With Key Reversal Candlesticks Missing

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

The four hour chart paints a less encouraging picture than the daily. A string of Doji formations near the 109.20 mark indicates hesitation from the bulls to lead the pair higher. Yet a void of bearish signals casts some doubt over the potential for a correction over the session ahead.

USD/JPY: Dojis Denote Indecision In Intraday Trade

USD/JPY Eyes Further Gains With Key Reversal Candlesticks Missing

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

By David de Ferranti, Currency Analyst, DailyFX

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