Talking Points
- USD/JPY Technical Strategy: Longs Preferred
- Clearance Of Key Hurdles Casts Spotlight Higher
- Next Definitive Level Offers Significant Upside Scope
USD/JPY’s rocket through several technical barriers amid a void of bearish candlesticks suggests the potential for further gains. The next definitive peak to define potential resistance rests at 114.60, the December 2007 high. This suggests significant scope for a continued advance. A daily close below the 110.00 barrier would be required to negate a bullish bias.
USD/JPY: Climbs Over Key Hurdles Amid A Void Of Bearish Patterns
Daily Chart – Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart presents a clear void of reversal signals. Yet given the magnitude of recent gains deserves to be monitored for signs of exhaustion.
USD/JPY: Void Of Bearish Signals In Intraday Trade
Four Hour Chart – Created Using FXCM Marketscope 2.0,Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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