USD/JPY To Maintain Upward Trajectory With Reversal Signals Missing

By DailyFx | July 25, 2014 AAA

DailyFX.com -

Talking Points

  • USD/JPY Technical Strategy: Longs Preferred
  • Absence of reversal signals opens further gains
  • Spotlight on 102.00/20 as immediate resistance

USD/JPY could maintain its upward trajectory with bearish reversal patterns lacking for the pair. This puts the spotlight on the range-top at 102.20 which may see some sellers emerge. A daily close above the resistance level would be required to suggest enough conviction amongst the bulls to open the 102.77 mark.

USD/JPY: Continues Its March Higher With Reversal Signals Missing

USD/JPY To Maintain Upward Trajectory With Reversal Signals Missing

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

The four hour chart reveals a similar narrative for USD/JPY with few signals for a potential correction at this point. Intraday support rests nearby for the pair at 101.75, while a push higher is likely to be met by some resistance at the psychologically-significant 102.00 handle.

USD/JPY: Absence of Reversal Signals Casts Doubt On A Correction

USD/JPY To Maintain Upward Trajectory With Reversal Signals Missing

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.

comments powered by Disqus
Related Forex Analysis
  1. USD/JPY in no mood for deep decline; settled at 108.80
    Forex News

    USD/JPY in no mood for deep decline; settled at 108.80

  2. EUR/USD attempts to develop upside correction
    Forex News

    EUR/USD attempts to develop upside correction

  3. Pound has room to extend latest gains - JPMorgan
    Forex News

    Pound has room to extend latest gains - JPMorgan

  4. USD positioning largely unchanged in the lead-up to FOMC - ANZ
    Forex News

    USD positioning largely unchanged in the lead-up to FOMC - ANZ

  5. EUR/USD bears in full control - JPMorgan
    Forex News

    EUR/USD bears in full control - JPMorgan

Trading Center