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Forex: USD/JPY Technical Analysis – Probing Above 102.00 Anew

Forex: USD/JPY Technical Analysis – Probing Above 102.00 Anew

2014-02-07 08:49:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 101.85 (23.6% Fib ret.), 100.75 (Feb 2 low)
  • Resistance: 102.27 (horizontal pivot), 102.53 (38.2% Fib ret.)

The US Dollar turned higher anew against the Japanese Yen, breaking above the 23.6% Fibonacci expansion at 101.85 to expose a support-turned-resistance shelf at 102.27. A further beyond this boundary targets the 38.2% level at 102.53. Alternatively, a reversal back below 101.85 on a daily closing basis exposes the February 4 low at 100.75.

Close proximity of near-term up- and downside technical barriers argues against taking a trade at the moment from a risk/reward perspective. Furthermore, The Yen remains highly sensitive to churn in risk appetite trends, making the currency’s crosses vulnerable to sharp volatility as the upcoming US Employment report comes across the wires. We will opt to stay aside for now.

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dailyclassics_usd-jpy_body_Picture_11.png, Forex: USD/JPY Technical Analysis – Probing Above 102.00 Anew

Daily Chart - Created Using FXCM Marketscope 2.0

--- 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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