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USD/JPY Open To Further Gains Amid Void Of Bearish Patterns

USD/JPY Open To Further Gains Amid Void Of Bearish Patterns

David de Ferranti, Currency Analyst

Talking Points

  • USD/JPY Technical Strategy: Longs Preferred
  • Upside Potential Seen Amid Void of Bearish Patterns
  • H4 Chart To Be Monitored After Evening Star Formation

USD/JPY is at a critical juncture near the 108.00 hurdle with a void of bearish reversal signals leaving the risks skewed to the topside. A daily close under the barrier would be required to negate a bullish technical bias and shift the focus back to the 105.40 floor.

USD/JPY: Lack Of Reversal Signals Opens Further Gains

USD/JPY Open To Further Gains Amid Void Of Bearish Patterns

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

The four hour chart offers a divergent narrative to the daily with an Evening Star formation offering a potential warning sign. As yet the signal has yet to find much follow-through, which casts some doubt over its validity and the prospect of a deeper pullback for the pair.

USD/JPY: Evening Star Offers Warning Of Intraday Weakness

USD/JPY Open To Further Gains Amid Void Of Bearish Patterns

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

By David de Ferranti, Currency Analyst, DailyFX

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