USDJPY - Longs Preferred, Daily Close Above 107.00 Opens Grind Towards 108.00 and Correction Questionable

The daily close above the 107 hurdle may set the pair up for a grind towards the next psychologically-significant ceiling at 108.00.

Lack of Reversal Signals Opens Further Gains

The four hour chart reveals a congestion zone has formed between 107.00 and 107.40. A medley of short body sessions and Doji candlesticks highlights indecision amongst traders. Yet the bulls appear unprepared to relinquish their grip on prices amid a void of bearish reversal signals. This leaves the risks skewed to the upside.

Climb Encounters Congestion, Yet Bulls Remain In Control