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.

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
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • The Australian Dollar looks poised to outperform its haven-associated counterparts, as bullish technical setups take shape on multiple timeframes. Key levels for AUD/USD, AUD/JPY and AUD/CHF. Get your market update from @DanielGMoss here:https://t.co/Q5MS57yG8W https://t.co/NaUPI5qTKS
  • RT @FxWestwater: Australian Dollar Outlook: $AUDUSD Unfazed by Falling Westpac Confidence Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/01/20/Australian-Dollar-Outlook-AUDUSD-Unfazed-by-Falling-Westpac-Confidence.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co/uSsC…
  • Japanese Yen Price Analysis: AUD/JPY, EUR/JPY Poised to Gain Ground - https://www.dailyfx.com/forex/technical/home/analysis/eur-jpy/2021/01/20/Japanese-Yen-Price-Analysis-AUDJPY-EURJPY-Poised-to-Gain-Ground.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $JPY $AUDJPY $EURJPY https://t.co/LUS1GfqGF5
  • Heads Up:🇮🇩 Business Confidence (Q4) due at 04:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-01-20
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.77% Silver: 0.67% Gold: 0.41% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/vqhNULQSZH
  • A Symmetrical Triangle and long-term trendline resistance provide key levels to watch for NZD/CHF and CAD/CHF. Get your market update from @FxWestwater here:https://t.co/kgfZ8qZRRz https://t.co/BhpXTXz5Ir
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.31% 🇨🇦CAD: 0.17% 🇬🇧GBP: 0.16% 🇪🇺EUR: 0.14% 🇳🇿NZD: 0.13% 🇨🇭CHF: 0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/U975Up5oUh
  • The #HSI looks set to re-challenge the 28,970 resistance. Will it succeed and attempt 30,000 mark today? https://t.co/ujmzRDsByq
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in EUR/JPY are at opposite extremes with 64.29%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/wdG2u51Kl2
  • Japanese Chief Cabinet Secretary Kato: - Vaccine schedule can't be fixed before approval - Tokyo area still facing severe Covid situation - BBG $USDJPY
USD/JPY Technical Analysis – Stalling at Channel Floor

USD/JPY Technical Analysis – Stalling at Channel Floor

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: 101.54 (channel floor, 76.4% Fib ret.), 100.75 (Feb 4 low)
  • Resistance: 102.03 (61.8% Fib ret.), 102.43- 62 (50% Fib ret., horizontal pivot)

The US Dollar is resting at key support marked by the bottom of a rising channel that has guided the uptrend against the Japanese Yen since early February. This barrier is reinforced by the 76.4% Fibonacci retracement at 101.54, with a break downward initially targeting the February 4 low at 100.75. Near-term resistance is at 102.03, the 61.8% level. A reversal above that eyes the 102.43-62 area marked the 50% Fib and a horizontal pivot in play since early March.

Prices are too close to relevant support to justify a short position from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal argues against taking up the long side. We will remain flat for now.

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

dailyclassics_usd-jpy_body_Picture_10.png, USD/JPY Technical Analysis – Stalling at Channel Floor

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