USD/JPY Awaiting Next Break With Bearish Signals Lacking
- Strategy: Long > 115.90, Target: 117.90, Stop: 115.90 (Close)
- Focus Remains Higher With Bearish Signals Lacking
- Dojis Signal Enduring Tug-Of-War In Intraday Trade
USD/JPY has powered higher in recent trade, leaving a Hanging Manformation to fall flat. With bearish signals lacking the pair may be primed for further gains. Clearance of the nearby 115.90 hurdle could pave the way for an ascent on the October ’07 high near 117.90. A daily close below 114.50 would be required to warn of a top for the pair.
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
Tensions are running high in intraday trade, as evidenced by a string of Dojiformations on the four hour chart. Yet a lack of more definitive reversal signals suggests the bulls may yet regain their grip on prices to lead the charge higher.
USD/JPY: Dojis Signal Enduring Tug-Of-War In Intraday Trade
Four Hour Chart - Created Using FXCM Marketscope 2.0,Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
Follow David on Twitter: @DaviddeFe
To receive David’s analysis directly via email, please sign up here.
Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.