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USD/JPY Technical Analysis – Digesting Break Below 102.00

USD/JPY Technical Analysis – Digesting Break Below 102.00

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 101.52 (38.2% Fib exp.), 101.13 (50% Fib exp.)
  • Resistance: 102.01 (23.6% Fib exp.), 102.30 (14.6% Fib exp.)

The US Dollar fell against the Japanese Yen as expected after prices produced a Bearish Engulfing candlestick pattern. Near-term support is now at 101.52, the 38.2%Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 101.13. Near-term resistance is at 102.01, the 23.6% Fib. A turn back above that clears the way for a challenge of the 14.6% expansion at 102.30.

Current positioning does not offer an actionable trade setup. We will opt to remain on the sidelines for the time being, waiting for a more attractive opportunity to present itself.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

USD/JPY Technical Analysis – Digesting Break Below 102.00

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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