USD/JPY Technical Analysis – Digesting Break Below 102.00
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- 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.
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.