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USD/JPY Targets 115.90 With Key Reversal Candlestick Patterns Missing

USD/JPY Targets 115.90 With Key Reversal Candlestick Patterns Missing

2014-11-07 06:30:00
David de Ferranti, Currency Analyst
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Talking Points

  • Strategy: Long, Stop: 114.60 (Close), Target: 115.90
  • Absence Of Bearish Signals Opens Further Gains
  • Watching H4 Chart For Signs Of Bulls’ Exhaustion

USD/JPY has continued its journey higher with a void of reversal signals opening the prospect of a run on 115.90 (the Nov ’07 high). A pullback below former resistance-turned-support at 114.60 would be required to warn of a correction for the pair.

USD/JPY: Absence Of Bearish Signals Casts Risks Higher

USD/JPY Targets 115.90 With Key Reversal Candlestick Patterns Missing

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

The four hour chart should be closely monitored for early warning signs that the bulls may be losing steam. A Doji formation near 115.46 suggests indecision, but alone does not offer a warning of a reversal.

USD/JPY: Watching For Early Hints At A Reversal

USD/JPY Targets 115.90 With Key Reversal Candlestick Patterns Missing

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

By David de Ferranti, Currency Analyst, DailyFX

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