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USD/JPY Technical Analysis – Working on Sixth Straight Gain

USD/JPY Technical Analysis – Working on Sixth Straight Gain

2014-04-18 00:18:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 102.11 (23.6% Fib exp.), 101.50 (channel floor)
  • Resistance: 102.60 (38.2% Fib exp.), 103.00 (50% Fib exp.)

The US Dollar appreciated against the Japanese Yen as expected after the currency pair produced a bullish Morning Star candlestick pattern at channel support set from February. Buyers are aiming to challenge the 38.2% Fibonacci expansion at 102.60, with a break above that on a daily closing basis exposing the 50% level at 103.00. Alternatively, a turn back below the 38.2% Fib at 102.11 targets the channel floor, now at 101.50.

Prices are trading too close to relevant resistance to make a long trade attractive from a risk/reward perspective. On the other hand, the absence of a bearish reversal signal argues against taking up the short side. We will continue to stand aside for now, waiting for an actionable opportunity to present itself.

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dailyclassics_usd-jpy_body_Picture_11.png, USD/JPY Technical Analysis – Working on Sixth Straight Gain

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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