USD/JPY Looking To Trade Another Higher Trough In The Series

Russell Shor, CFTe, MFTA FXCM

The below is the daily chart of the USDJPY. The currency pair has charted a higher trough (HT) followed by higher peak (HP). This is the classical definition of an uptrend. Friday’s candle looks to be a bullish reference candle i.e. a candle with a higher low on either side of it (blue arrow). If today’s candle closes above the reference candle's high (green horizontal line) it will give weight to the bullish reference candle scenario. This will point to another higher trough in the series, which would be deemed a bullish sign. Please note that the RSI(9) is above 50 and indicative of an underlying bullish momentum (blue rectangle).

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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