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 Flirts with Support- Bearish Sub 117

USD/JPY Flirts with Support- Bearish Sub 117

Talking Points

  • USD/JPY Reveres ahead of monthly open- now testing key support
  • Updated targets & invalidation levels
  • Click Here to be added to Michael’s email distribution list.

USD/JPY Daily

USDJPY Daily Chart

Technical Outlook: USDJPY has set its weekly / monthly opening range just above slope support extending off the 2016 lows. A close below this region would suggest a more meaningful correction is underway with such a scenario targeting initial support targets at 114 & the 50-line (currently ~112.30). Interim resistance is eyed at the monthly open at 117 with a breach / close above 118.17 needed to mark resumption of the broader uptrend.

USD/JPY120min

USDJPY 120min Chart

Notes: The pair has been trading within the confines of a near-term descending pitchfork formation extending off the highs with today’s rally reversing sharply just ahead of the weekly / monthly opens. The focus remains lower while below today’s high with a break below last week’s low at 115.07 targeting more significant support zone at 113.99-114.15. Subsequent support targets are eyed at 113.47, the 50-line & the 1.618% at 111.80. A quarter of the daily average true range (ATR) yields profit targets of 30-34 pips per scalp. Added caution is warranted tomorrow with a string off Fed speakers on tap.

Relevant Data Releases

Other Setups in Play:

Looking for more trade ideas? Review DailyFX’s 20171Q Projections

---Written by Michael Boutros, Currency Strategist with DailyFX

Join Michael for Live Weekly Trading Webinars on Mondays on DailyFX at 13:30 GMT (8:30ET)

FollowMichael on Twitter @MBForex or contact him at mboutros@dailyfx.com

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

DISCLOSURES