USD/JPY Cautious Climb Continues With Reversal Candles Missing
- USD/JPY Technical Strategy: Longs Preferred
- Bulls Cautiously Return Following Lack Of Reversal Signals
- Daily Close Above 109.40 Opens Advance On 110.65
USD/JPY’s thrusters have reignited after showing signs of faltering near 109.40. An ascent towards the August ’08 high at 110.65 still appears achievable with key reversal candlesticks lacking. Yet some caution may be warranted given a pair of short body sessions suggests some reluctance by the bulls to lead the pair higher.
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart tells a similar tale to the daily. Short body candles suggest a cautious crawl rather than a charge by the USD/JPY bulls. However, with reversal signals lacking a close above the 110.00 ceiling may open the next leg higher for the pair.
USD/JPY: Awaiting Climb Over Intraday Resistance Amid Absence of Reversal Candles
Four Hour Chart - Created Using FXCM Marketscope 2.0,Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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