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USD/JPY Candlestick Analysis: Resistance Below 121.00 Eyed

USD/JPY Candlestick Analysis: Resistance Below 121.00 Eyed

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/JPY Strategy: Flat
  • Candlestick Pattern Still Warns of Topping
  • Range Top Below 121.00 in Focus Again

The US Dollar is tread water against the Japanese Yen but a bearish Dark Cloud Cover candle pattern continues to warn of a top in place. A break below range support at 117.43 exposes the December low at 115.55, followed by the 38.2% Fibonacci retracement at 113.78. Alternatively, a move above the 23.6% Fib expansion at 120.53 targets the 38.2% threshold at 123.61.

The dominant long-term USD/JPY trend looks to be favoring the upside. As such, we will treat any on-coming losses as an opportunity to enter long at more compelling levels once the correction is exhausted.

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

Weekly 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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