USD/JPY Aims Higher After Climb Above 119 With Reversal Signals Absent
- Strategy: Long (From: 119.20), Stop: 119.00 (Daily Close), Target 1: 119.80, Target 2: 124.10
- Breakout Amid Absence Of Reversal Signals Opens Further Gains
- Intraday Chart Reveals Some Caution From The Bulls
USD/JPY has closed above the 119.00 handle with key reversal candlesticks lacking. Amid a core uptrend this may open the prospect of further gains. An initial upside target is offered by the nearby August 2007 high at 119.80, with an additional target in the distance at the June ’07 high near 124.10.
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart reveals some caution from the bulls following the push above 119.00. This is made evident by a string of short body candles and a Doji formation. Yet with key reversal patterns absent the prospect of an intraday retreat is questionable.
USD/JPY: Key Reversal Patterns Lacking Following Push Past 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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