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USD/JPY Inflection Point

USD/JPY Inflection Point

Kristian Kerr, Sr. Currency Strategist

USD/JPY looks to be at a critical juncture in time as a variety of cyclical relationships are converging this week including an 8.6 year Pi cycle interval from the June 2007 high. A failure at resistance over the next few days could signal an important reversal within a burgeoning downtrend. Key resistance looks to be between 121.50 and 122.00 as a variety of different levels converge here including the internal trendline connecting the October 2014 and August 20015 lows and the 61.8% retracement of the June - January decline. Aggressive strength over 122.00 after Monday would force a rethink and refocus higher.

Looking to sell USD/JPY over the next couple of days on a failure around 121.50 with a stop on an hourly close over 122.15.

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