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USD/JPY Grinding Towards 107.00 Target Amid Void Of Bearish Candles

Published 09/10/2014, 07:45 AM
Updated 07/09/2023, 06:31 AM
USD/JPY
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Talking Points

  • USD/JPY Technical Strategy: Longs Preferred
  • Break Through 105.40 Barrier Opens The 107.00 Handle
  • Correction Questionable Amid Void Of Reversal Candles

USD/JPY climb may continue following a breach of the 106.00 barrier with key reversal patterns notably lacking. This may set the pair up for a grind towards the next psychologically-significant hurdle at 107.00.

USD/JPY: Lack of Reversal Signals Opens Further Gains

USD/JPY Daily Chart

The four hour chart reveals a struggle amongst traders at the 106.43 barrier. Yet the bulls appear unprepared to relinquish their grip on prices given a Bearish Engulfing formation failed to find follow-through. 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 4 Hour Chart

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