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USD/JPY Technical Analysis: Weekly Range Floor Broken

USD/JPY Technical Analysis: Weekly Range Floor Broken

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 116.96, 116.37, 115.78
  • Resistance: 117.68, 118.86, 120.82

The US Dollar may see deeper losses against the Japanese Yen after prices edged below weekly range support. Near-term support is at 116.96, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 116.37. Alternatively, a reversal above the 23.6% Fib at 117.68 opens the door for a test January 20 high at 118.86.

Prices are wedged too closely between near-term support and resistance levels to justify taking a trade on a long or short side from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.

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.

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