USD/JPY Technical Analysis – Attempting to Grind Higher
To receive Ilya's analysis directly via email, please SIGN UP HERE
- USD/JPY Technical Strategy: Flat
- Support: 101.77, 101.32, 100.97
- Resistance: 102.13, 102.35, 102.71
The US Dollar attempting to build higher against the Japanese Yen after the pair produced a bullish Piercing Line candlestick pattern. Initial resistance is at 102.15, the May 27 high, with a daily close above that exposing the May 13 top at 102.35. Support comes in at 101.77, marked by the bottom of a rising channel set from mid-May. A turn below that opens the door for a challenge of range bottom support in the 100.97-101.32 area.
We are tactically opting not to pursue a trade within the current narrow and choppy trading range. Rather, we will continue to stand aside and wait for a defined breakout to look for larger opportunities.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
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.