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Forex: USD/JPY Technical Analysis – Upside Break to be Negated?

Forex: USD/JPY Technical Analysis – Upside Break to be Negated?

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 struggling to continue higher against the Japanese Yen after prices cleared resistance at 102.54, the 38.2% Fibonacci retracement. A close back below this barrier targets the 23.6% level at 101.85 anew. Alternatively, renewed upward momentum that takes prices back above 102.54 sees the next layer of resistance at 103.09, the 50% Fib.

An actionable trade setup is absent for the time being. Yesterday’s resistance break seems to call for further gains but the severity of the current intraday pullback raises a strong possibility of that having been a false breakout. With that said, downward reversal confirmation is absent for now. We remain flat for now.

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dailyclassics_usd-jpy_body_Picture_10.png, Forex: USD/JPY Technical Analysis – Upside Break to be Negated?

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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