Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
USD/JPY Technical Analysis: Range Support Sub-118.00 Eyed

USD/JPY Technical Analysis: Range Support Sub-118.00 Eyed

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 117.91, 117.07, 115.48
  • Resistance: 119.37, 120.82, 121.91

The US Dollar continues to oscillate in a narrow range below the 120.00 figure against the Japanese Yen. A daily close above falling channel top resistance at 119.37 exposes the December 23 high at 120.82. Alternatively, a reversal below the 23.6% Fib retracement at 117.91 opens the door for a test of channel floor support at 117.07.

An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES