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USD/JPY Technical Analysis – Key Channel Support at Risk

USD/JPY Technical Analysis – Key Channel Support at Risk

2014-05-07 01:09:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 102.11 (23.6% Fib exp.), 101.64 (channel floor)
  • Resistance: 102.60 (38.2% Fib exp.), 103.00 (50% Fib exp.)

The US Dollar has sunk to key support against the Japanese Yen, with sellers threatening to produce a major downward breakout. A daily close below support in the 101.61-67 area – marked by the 50% Fibonacci expansion and the bottom of a rising channel set from early February – initially exposes the 61.8% level at 101.28. Near-term resistance is at 101.94, the 38.2% Fib, with a move above that eyeing the 23.6% expansion at 102.35.

Entering short at current levels looks unattractive from a risk/reward perspective with prices in close proximity to relevant support. On the other hand, the absence of a defined upward reversal signal argues against taking up the long side. We will remain flat for the time being.

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USD/JPY Technical Analysis – Key Channel Support at Risk

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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