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USD/JPY Technical Analysis: Edging Toward Range Support

USD/JPY Technical Analysis: Edging Toward Range Support

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 118.78, 118.02, 117.08
  • Resistance: 120.01, 120.79, 121.55

The US Dollar is edging downward against the Japanese Yen, with prices eyeing range support below the 119.00 figure. Near-term support is at 118.78, the 50% Fibonacci retracement, with a break below that on a daily closing basis exposing the 61.8% level at 118.02. Alternatively, a turn above trend line resistance at 120.01 clears the way for a test of the 38.2% Fib expansion at 120.79.

Risk/reward considerations argue against entering short with prices in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now, waiting for an actionable opportunity to present 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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