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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

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