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USD/JPY Clears 116 As A Lack Of Reversal Signals Opens Further Gains

USD/JPY Clears 116 As A Lack Of Reversal Signals Opens Further Gains

David de Ferranti, Currency Analyst

Talking Points

  • Strategy: Long, 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 is probing above the 115.90 ceiling in intraday trade with an absence of reversal signals opening the prospect of further gains. This leaves longs preferred with a potential target offered by 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: Probes Above Recent Highs With Bearish Signals Lacking

USD/JPY Clears 116 As A Lack Of Reversal Signals Opens Further Gains

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

The four hour chart tells a similar narrative to the daily. An absence of key reversal signals casts the immediate risks higher for the pair with the 116.00 handle now acting as support.

USD/JPY: Void of Bearish Signals Keeps Immediate Risks Higher

USD/JPY Clears 116 As A Lack Of Reversal 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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