To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 101.38 (Feb 17 low), 100.75 (Feb 4 low)
  • Resistance:102.84 (23.6% Fib exp.), 104.14 (38.2% Fib exp.)

Prices recoiled higher from support at 101.38, the February 17 low. Near-term resistance is at 102.84, the 23.6% Fibonacci expansion, with a break above that targeting the 38.2% level at 104.14. Alternatively, a reversal beneath support aims for the February 4 low at 100.75.

Risk/reward considerations argue against taking a trade with prices so close to relevant resistance. The pair’s strong correlation with the S&P 500 hints a turn lower may be ahead as the benchmark equity index shows signs of vulnerability but confirmation remains absent. We will remain on the sidelines for the time being.

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

dailyclassics_usd-jpy_body_Picture_3.png, Forex: USD/JPY Technical Analysis – Support Found Above 101.00

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for