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USD/JPY Awaiting Breakout Above 119 With Bearish Patterns Lacking

USD/JPY Awaiting Breakout Above 119 With Bearish Patterns Lacking

David de Ferranti, Currency Analyst

Talking Points

  • 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.

USD/JPY: Awaiting Breakout Amid Absence Of Bearish Signals

USD/JPY Awaiting Breakout Above 119 With Bearish Patterns Lacking

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

USD/JPY Awaiting Breakout Above 119 With Bearish Patterns Lacking

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

By David de Ferranti, Currency Analyst, DailyFX

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