USD/JPY Awaiting Breakout Above 119 With Bearish Patterns Lacking
- Strategy: Flat, Pending Long On Daily Close Above 119.00
- Dojis Indicated Reluctance From The Bears Near 117.40
- Intraday Chart Reveals Absence Of Key Reversal Patterns
USD/JPY has managed to regain some upward momentum after a string of Dojis suggested reluctance from the bears to lead the pair lower. With key reversal patterns lacking the prospect of a pullback is questionable. Amid a core uptrend a break of the nearby 119.00 ceiling may herald a push towards the next definitive resistance level at 119.80.
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart tells a similar story to the daily with an absence of key reversal signals near the 119.00 barrier. Yet the proximity of the pair to the key barrier suggests awaiting a breakout may offer a more attractive opportunity.
USD/JPY: Key Reversal Patterns Lacking Near 119.00 Barrier
Four Hour Chart - Created Using FXCM Marketscope 2.0,Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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