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USD/JPY Technical Analysis – Yen Moves to 1-Month High

USD/JPY Technical Analysis – Yen Moves to 1-Month High

2014-06-27 05:31:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 101.32, 100.97, 100.38
  • Resistance: 101.92, 102.13-35, 102.71

The US Dollar has declined to test year-to-date range support against the Japanese Yen after breaking the bottom of a channel set from mid-May. A daily close below 101.32 exposes the outer layer of range support at 100.97. The range bottom – now at 101.92 – has been recast as near-term resistance. A turn back above that aims for the May 27 high at 102.13.

Risk/reward considerations warn against entering short with prices sitting just above relevant support. Alternatively, the absence of a defined bullish reversal signal suggests it is premature to take up the short side. On balance, we remain flat.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USD/JPY Technical Analysis – Yen Moves to 1-Month High

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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