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USD/JPY Technical Analysis – Down Trend to be Overturned?

USD/JPY Technical Analysis – Down Trend to be Overturned?

2014-05-28 02:20:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 101.61 (50% Fib exp.), 101.28 (61.8% Fib exp.)
  • Resistance: 101.94 (38.2% Fib exp., channel top), 102.35 (23.6% Fib exp.)

The US Dollar is attempting to extend its recovery against the Japanese Yen for a fourth consecutive trading day. Buyers are testing resistance at 101.94, marked by the 38.2% Fibonacci expansion and the top of a falling channel that has guided prices over the past month. A daily close above this barrier exposes the 23.6% level at 102.35. Near-term support is at 101.61, the 50% Fib, with a turn back below that eyeing the 61.8% expansion at 101.28.

Prices are too close to resistance to justify a long position from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal warns against taking up the short side. With that in mind, we remain flat for now.

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USD/JPY Technical Analysis – Down Trend to be Overturned?

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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