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USD/JPY Technical Analysis – Yen Recovery Signaled Ahead

USD/JPY Technical Analysis – Yen Recovery Signaled Ahead

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 102.30 (14.6% Fib exp.), 102.01 (23.6% Fib exp.)
  • Resistance: 102.77 (June 4 high), 103.23 (trend line)

The US Dollar may be on the verge of a turn lower against the Japanese after prices put in a Bearish Engulfing candlestick pattern. Near-term support is at 102.30, the 14.6% Fibonacci expansion, with a break below that exposing the 23.6% level at 102.01. alternatively, a daily close above resistance at 102.77, the June 4 high, clears the way for a test of a falling trend line set from January, now at 103.23.

Risk/reward considerations argue against entering short with prices sitting squarely at support. On the other hand, taking up the long side seems premature absent a defined bearish reversal signal. We will remain flat for now.

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USD/JPY Technical Analysis – Yen Recovery Signaled Ahead

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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