USD/JPY Charts Bullish Reference Candle on Weekly

Russell Shor, CFTe, MFTA FXCM

The below is the weekly chart of the USDJPY. Two weeks back, the pair looks to have charted a candle that may be a bullish reference candle (blue arrow). Last week’s price action closed above the high of the reference candle, which gives the bullish reference candle scenario weight (green horizontal). The RSI(9) is above 50 and indicative of an underlying bullish momentum. Further bullish action will likely lead to a higher trough followed by a likely peak. As such, we continue to monitor.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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