USD/JPY Taps 107 Target Amid Lack Of Key Reversal Candlesticks

Talking Points

  • USD/JPY Technical Strategy: Longs Preferred
  • Daily Close Above 107.00 To Open Grind Towards 108.00
  • Correction Questionable Amid Void Of Reversal Candles

USD/JPYhas taken the next leap higher to reach the 107.00 target offered in recent reports. A void of bearish reversal signals casts some doubt on the possibility of a correction. A daily close above the 107.00 ceiling may set the pair up for a grind towards the next psychologically-significant hurdle at 108.00.

USD/JPY: Lack of Reversal Signals Opens Further Gains

USD/JPY Taps 107 Target Amid Lack Of Key Reversal Candlesticks

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

The four hour chart reveals a struggle amongst traders at the 107.00 barrier. Yet the bulls appear unprepared to relinquish their grip on prices. This leaves the risks skewed to the upside for the pair on a break of the nearby ceiling.

USD/JPY: Climb Encounters Congestion, Yet Bulls Remain In Control

USD/JPY Taps 107 Target Amid Lack Of Key Reversal Candlesticks

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

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @Davidde

To receive David’s analysis directly via email, please sign up here.

Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

This entry was posted in Binary Options Signals Related News and tagged , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *