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Forex: USD/JPY Technical Analysis – Trend Line Marks Resistance

Forex: USD/JPY Technical Analysis – Trend Line Marks Resistance

2014-03-07 03:56:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 102.84 (23.6% Fib exp.), 101.38 (Feb 17 low)
  • Resistance:103.13 (trend line), 104.14 (38.2% Fib exp.)

The Japanese Yen has dropped to a five-week low against the US Dollar as prices broke above resistance at 102.84, the 23.6% Fibonacci expansion. Buyers are now testing falling trend line resistance set from late December at 103.13, with a break above that exposing the 38.2% level at 104.14. Alternatively, a turn back below 102.84 aims for the February 17 low at 101.38.

Prices are too close to relevant resistance at this point to justify a long position on risk/reward grounds. On the other hand, attempting to re-enter short without a defined downward reversal signal seems premature. We will stand aside for now.

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dailyclassics_usd-jpy_body_Picture_11.png, Forex: USD/JPY Technical Analysis – Trend Line Marks Resistance

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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