Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
USD/JPY Eyes Push Past Its Peak With A Hanging Man Lacking Validation

USD/JPY Eyes Push Past Its Peak With A Hanging Man Lacking Validation

David de Ferranti, Currency Analyst

Talking Points

  • Strategy: Long > 115.90, Target: 117.90, Stop: 115.90 (Close)
  • Focus Remains Higher With Hanging Man Lacking Validation
  • Dojis Signal Enduring Tug-Of-War In Intraday Trade

USD/JPY continues to keep traders in suspense near its recent 115.90/116.00 peak as a Hanging Manawaits confirmation. A successive down-period would validate the signal and warn of a potential pullback. Yet within the context of a sustained uptrend, such a setback may prove only temporary. This leaves longs preferred with a breakout above the recent highs to potentially pave the way for an ascent on the October ’07 high near 117.90. A daily close below 114.60 would be required to warn of a top for the pair.

USD/JPY: Awaits Break Above Recent Highs

USD/JPY Eyes Push Past Its Peak With A Hanging Man Lacking Validation

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 be able to retain their grip on prices to lead the charge higher.

USD/JPY: Dojis Signal Enduring Tug-Of-War In Intraday Trade

USD/JPY Eyes Push Past Its Peak With A Hanging Man Lacking Validation

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.

DISCLOSURES