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Forex: USD/JPY Technical Analysis – Looking for Cues Near 102.00

Forex: USD/JPY Technical Analysis – Looking for Cues Near 102.00

2014-02-11 14:30:00
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: 102.53 (38.2% Fib ret.), 103.08 (50% Fib ret.)

The US Dollar is stalling against the Japanese Yen. A break above the 38.2% Fibonacci expansion at 102.53 on a daily closing basis exposes the 50% level at 103.08. Alternatively, a turn back beneath the 23.6% retracement at 101.85 aims for the February 4 swing low at 100.75.

Prices are narrowly wedged between immediate up- and downside technical barriers, arguing against a trade on the long or short side from a risk/reward perspective. Furthermore, the Yen’s sensitivity clouded risk appetite trends warn against taking directional bets on fundamental grounds. We will continue to stand aside for now.

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dailyclassics_usd-jpy_body_Picture_11.png, Forex: USD/JPY Technical Analysis – Looking for Cues Near 102.00

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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