Nov 20 (Reuters) - FX traders should expect further USD/JPY gains due to recent bullish price action on the daily candlestick chart.

The long tail that formed on Tuesday's USD/JPY candlestick line points to a rejection of the earlier 153.28 $(EBS)$ low and could be the base for a much bigger recovery in the days and weeks ahead.

USD/JPY rebounded sharply on Tuesday after Russia's foreign minister said the country would "do everything possible" to avoid the onset of nuclear war, hours after it had slipped on Moscow's announcement it would lower its threshold for a nuclear strike.

The bullish alignment of the daily Ichimoku tenkan and kijun lines adds to the scope for an eventual November 15 156.76 high probe, a break above which would unmask the July 23 157.09 high.

Only a break and daily close under the kijun line, the midpoint of the last 26 trading sessions currently at 152.80, would shift spot's overall bias shift back to the downside. Ichimoku Explainer.

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(Martin Miller is a Reuters market analyst. The views expressed are his own)

((martin.miller@thomsonreuters.com))