DailyFX.com -

Talking Points

  • USD/JPY Technical Strategy: Pending Long
  • Bulls Lose Steam Near 104.00 Ceiling
  • H4 Chart Offers Warning Of A Pullback

USD/JPY remains at a critical juncture near the 104.00 ceiling with an absence of key reversal patterns casting some doubt over a possible correction. A daily close above the nearby hurdle would likely set the scene for a run on the late January highs near 104.85.

USD/JPY: Bulls Lose Steam On Test Of Key Hurdle

USD/JPY At A Critical Juncture Near 104.00 With Bearish Signals Lacking

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

A Bearish Engulfing formation on the four hour chart may offer an advance warning of a pullback if confirmed by a successive down-period. A crawl under the nearby 103.67 floor could set the scene for an extended decline toward the former range-top at 103.00.

USD/JPY: Bearish Signal Awaiting Confirmation Near Critical Level

USD/JPY At A Critical Juncture Near 104.00 With Bearish Signals Lacking

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.

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    US Dollar May Break to Further Lows if it Fails at Key Support

  2. Forex News

    USD/JPY likely to transition higher – BAML

  3. Forex News

    USD/JPY points to 125-130 in h1 2016 – BAML

  4. Forex News

    USD/JPY sellers exhausted? – BBH

  5. Forex News

    USD/JPY backs away from highs after US data

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!