News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
Bullish
Gold
Bearish
GBP/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bullish
More View more
USD/JPY Technical Analysis – Buyers Retake 102.00 Mark

USD/JPY Technical Analysis – Buyers Retake 102.00 Mark

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 102.06 (23.6% Fib exp.), 101.70 (channel floor)
  • Resistance: 102.35 (38.2% Fib exp.), 102.58 (50% Fib exp.)

The US Dollar is edging higher against the Japanese Yen after prices put in a bullish Piercing Line candlestick pattern. A break above resistance at 102.06, the 23.6% Fibonacci expansion, has exposing the 38.2% level at 102.35. Moving further beyond that targets the 50% Fib at 102.58. The 102.06 mark has been recast as near-term support. A reversal back below that clears the way for a retest of rising channel support set from mid-May, now at 101.70.

The available trading range is too narrow to justify a trade on the long or short side from a risk/reward perspective. We will remain on the sidelines for now, waiting for a more actionable opportunity to present itself.

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

USD/JPY Technical Analysis – Buyers Retake 102.00 Mark

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.

DISCLOSURES