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.

Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Bullish
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bearish
More View more
Forex: USD/JPY Technical Analysis – Yen Recovers as Expected

Forex: USD/JPY Technical Analysis – Yen Recovers as Expected

2014-03-14 03:00:00
Ilya Spivak, Head Strategist, APAC
Share:

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

Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 101.41 (50% Fib exp., trend line), 100.86 (61.8% Fib exp.)
  • Resistance:101.96 (38.2% Fib exp.), 102.65 (23.6% Fib exp.)

The US Dollar moved aggressively lower against the Japanese Yen as expected after the pair produced a bearish Evening Star candlestick pattern. Prices are approaching support at 101.41, the intersection of a rising trend line set from early February and the 50% Fibonacci expansion. A break below this barrier targets the 61.8% level at 100.86. Alternatively, a reversal back above the 38.2% Fib at 101.96 aims for the 23.6% expansion at 102.65.

Prices are too close to relevant support to justify a short position from a risk/reward perspective. On the other hand, a viable reversal signal arguing in favor of a long trade is absent for the time being.We will remain on the sidelines until a more actionable setup presents itself.

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

dailyclassics_usd-jpy_body_Picture_10.png, Forex: USD/JPY Technical Analysis – Yen Recovers as Expected

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

News & Analysis at your fingertips.