USD/JPY Technical Analysis – Dollar Jumps to Monthly High
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- USD/JPY Technical Strategy: Flat
- Support: 102.08 (38.2% Fib ret.), 101.59 (23.6% Fib ret.)
- Resistance: 102.47 (50% Fib ret.), 102.85 (61.8% Fib ret.)
The US Dollar jumped to the highest level in a month against the Japanese Yen, securing a foothold above the 102.00 figure once again. A break above resistance at 102.47, the 50% Fibonacci retracement, exposes the 61.8% level at 102.85. Alternatively, a turn back below the 38.2% Fib at 102.08 opens the door for a challenge of the 23.6% retracement at 101.59.
Prices are too close to resistance to justify a long position from a risk/reward perspective. On the other hand, the absence of a confirmed bearish reversal signal warns against taking up the short side. Wewill remain flat for now.
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.