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USD/JPY Soars Past 111 As Void Of Bearish Signals Opens Further Gains

USD/JPY Soars Past 111 As Void Of Bearish Signals Opens Further Gains

2014-10-31 07:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • USD/JPY Technical Strategy: Longs Preferred
  • Clearance Of Key Hurdles Casts Spotlight Higher
  • Next Definitive Level Offers Significant Upside Scope

USD/JPY’s rocket through several technical barriers amid a void of bearish candlesticks suggests the potential for further gains. The next definitive peak to define potential resistance rests at 114.60, the December 2007 high. This suggests significant scope for a continued advance. A daily close below the 110.00 barrier would be required to negate a bullish bias.

USD/JPY: Climbs Over Key Hurdles Amid A Void Of Bearish Patterns

USD/JPY Soars Past 111 As Void Of Bearish Signals Opens Further Gains

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

The four hour chart presents a clear void of reversal signals. Yet given the magnitude of recent gains deserves to be monitored for signs of exhaustion.

USD/JPY: Void Of Bearish Signals In Intraday Trade

USD/JPY Soars Past 111 As Void Of Bearish Signals Opens Further Gains

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

By David de Ferranti, Currency Analyst, DailyFX

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