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USD/JPY Upside Break Negates Bearish Candlestick To Open 110

USD/JPY Upside Break Negates Bearish Candlestick To Open 110

David de Ferranti, Currency Analyst

Talking Points

  • USD/JPY Technical Strategy: Longs Preferred
  • Upside Break Overshadows Hanging Man Formation
  • Key Reversal Signals Lacking On The H4 Chart

USD/JPY’s break of the 108.30 ceiling has overshadowed a bearish signal offered by a Hanging Man formation. This in turn casts the immediate risks higher for a retest of the recent peaks near 110.00.A pullback below former resistance-turned-support at 108.30 would be required to negate a bullish bias.

USD/JPY: Reversal Signal Emerges At 108.00 Handle

USD/JPY Upside Break Negates Bearish Candlestick To Open 110

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

The four hour chart demonstrates some hesitation from the bulls, as denoted by a Doji formation. However, in the absence of more definitive reversal signals a correction lower is questionable.

USD/JPY: Bearish Reversal Signals Lacking In Intraday Trade

USD/JPY Upside Break Negates Bearish Candlestick To Open 110

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

By David de Ferranti, Currency Analyst, DailyFX

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