News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Forex: USD/JPY Technical Analysis – A Turn Lower Brewing?

Forex: USD/JPY Technical Analysis – A Turn Lower Brewing?

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 102.77-94 (76.4% Fib exp., trend line), 101.38 (Feb 17 low)
  • Resistance:103.26 (100% Fib exp.), 103.75 (123.6% Fib exp.)

The US Dollar is struggling to build significant upward momentum against the Japanese Yen after prices cleared resistance at a falling trend line set from late December. A Shooting Star candlestick below resistance at 103.26, the 100% Fibonacci expansion, points to indecision and hints at a move lower may be ahead. A turn back below the trend line (now at 102.89) and the 76.4% Fib at 102.77 aims for the February 17 low at 101.38. Alternatively a break above resistance at 103.26, the 100% expansion, exposes the 123.6% level at 103.75.

A Shooting Star by itself is not sufficient to enter short without confirmation. With that in mind, we will continue to monitor price action from 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_11.png, Forex: USD/JPY Technical Analysis – A Turn Lower Brewing?

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.

DISCLOSURES