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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

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