USD/JPY Open To Further Gains Amid Void Of Bearish Patterns
- 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
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
Four Hour Chart - Created Using FXCM Marketscope 2.0,Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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