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Forex: USD/JPY Technical Analysis – Resistance Below 103.00 Eyed

Forex: USD/JPY Technical Analysis – Resistance Below 103.00 Eyed

2014-02-18 09:14:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 101.39 (Feb 17 low), 100.75 (Feb 4 low)
  • Resistance: 102.84 (23.6% Fib exp.), 104.14 (38.2% Fib exp.)

The US Dollar is attempting to re-launch its advance against the Japanese Yen. A break above resistance at 102.84, the 23.6% Fibonacci expansion, targets the 38.2% level at 104.14. Initial support is at 101.38, the February 17 low, followed by the February 4 bottom at 100.75.

Risk/reward considerations call against entering long with prices trading too close to near-term resistance. On the hand, the absence of an actionable bearish reversal argues against attempting to take a shot on the short side. As such, we will remain on the sidelines for now, waiting for an attractive opportunity to buy the pair in line with the long-term uptrend.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_usd-jpy_body_Picture_11.png, Forex: USD/JPY Technical Analysis – Resistance Below 103.00 Eyed

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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