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USD/JPY Candlestick Analysis: A Top in Place Below 122.00?

USD/JPY Candlestick Analysis: A Top in Place Below 122.00?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/JPY Strategy: Flat
  • Chart Setup Hints at Topping Sub-122.00
  • Pullback to Yield Long Trade Opportunity

The US Dollar looks to be forming a top against the Japanese Yen marked by bearish Dark Cloud Cover and Evening Star candlestick patterns. Negative RSI divergence bolsters the case for a downside scenario. A break below the 14.6% Fibonacci retracement at 118.91 exposes the 23.6% level at 117.00. Near-term resistance is at 122.01, the March swing top.

The overall USDJPY trend continues to favor the upside. With that in mind, we will look to any on-coming losses as an opportunity to enter long at more attractive levels once the downswing 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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