Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

USD/JPY Dark Cloud Cover Left Lacking Confirmation

Published 09/18/2014, 07:40 AM
Updated 07/09/2023, 06:31 AM

Talking Points

  • USD/JPY Technical Strategy: Longs Preferred
  • Absence of Bearish Candlesticks Casts Doubt On A Correction
  • Daily Close Above 107.00 May Open Grind Towards 108.00

USD/JPY has rocketed higher from the 107.00 launch pad with a void of bearish candlesticks in its trail. The daily close above the 108 hurdle may set the pair up for a grind towards the next psychologically-significant ceiling at 109.00.

USD/JPY: Resumes Its Journey Higher With Bearish Candles Lacking

USD/JPY Daily Chart

USD/JPY has finally cleared the congestion zone between 107.00 and 107.40. While a Dark Cloud Cover pattern has emerged near 108.80, the key reversal pattern awaits confirmation before suggesting a potential correction. Given the context afforded by the daily a break higher would be preferred before looking at new long positions.

USD/JPY: Dark Cloud Cover Left Lacking Confirmation Near Intraday Resistance

USD/JPY Hourly Chart

Original post

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.