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USD/JPY Climbs To 6 Year With Absence Of Bearish Candlesticks

USD/JPY Climbs To 6 Year With Absence Of Bearish Candlesticks

David de Ferranti, Currency Analyst

Talking Points

  • USD/JPY Technical Strategy: Sidelines Preferred
  • Bulls Return Following Lack Of Reversal Signals
  • Daily Close Above 109.40 Needed To Open 110.65

USD/JPYhas pushed past the 109.40 barrier after the pair was left with a lack of negative cues from candlesticks. A daily close above the mark may help confirm whether there is enough conviction amongst the bulls to lead a charge to towards the August ’08 high near 110.65.

USD/JPY: Awaiting Daily Close To Signal Conviction Amongst The Bulls

USD/JPY Climbs To 6 Year With Absence Of Bearish Candlesticks

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

A Bullish Engulfing formation on the four hour chart offered an early indication of a potential upside break for USD/JPY. There are further encouraging signs with a string of Dojis near 109.20 suggesting reluctance amongst the bears to drag the pair lower in intraday trade.

USD/JPY: Bullish Engulfing Formation Helped Herald Upside Breakout

USD/JPY Climbs To 6 Year With Absence Of Bearish Candlesticks

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

By David de Ferranti, Currency Analyst, DailyFX

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