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.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Real Time News
  • The Australian Dollar and New Zealand Dollar soared after the Fed rate decision. This leaves AUD/USD and NZD/USD face trend-defining resistance. Follow-through may have to wait $AUDUSD $NZDUSD #Fed - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2019/12/12/AUDUSD-and-NZDUSD-Rates-Soar-on-the-Fed-Powell-to-Resistance.html?CHID=9&QPID=917702 https://t.co/hrfuX64Oxp
  • 🇬🇧 GBP RICS House Price Balance (NOV), Actual: -12.0% Expected: -5.0% Previous: -6.0% https://www.dailyfx.com/economic-calendar#2019-12-12
  • 🇦🇺 AUD Consumer Inflation Expectation (DEC), Actual: 4.0% Expected: N/A Previous: 4.0% https://www.dailyfx.com/economic-calendar#2019-12-12
  • 🇬🇧 GBP RICS House Price Balance (NOV), Actual: -12 Expected: -5.0% Previous: -5.0% https://www.dailyfx.com/economic-calendar#2019-12-12
  • 🇯🇵 JPY Machine Orders (YoY) (OCT), Actual: -6.1% Expected: -1.9% Previous: 5.1% https://www.dailyfx.com/economic-calendar#2019-12-11
  • Heads Up:🇬🇧 GBP RICS House Price Balance (NOV) due at 00:01 GMT (15min), Actual: N/A Expected: -5.0% Previous: -5.0% https://www.dailyfx.com/economic-calendar#2019-12-12
  • Heads up: UK’s RICS House Price Balance (NOV) is due at 0:01 GMT (15 min) Est: -5.0% Previous: -5.0% #GBP
  • Heads Up:🇦🇺 AUD Consumer Inflation Expectation (DEC) due at 00:00 GMT (15min), Actual: N/A Expected: N/A Previous: 4.0% https://www.dailyfx.com/economic-calendar#2019-12-12
  • Heads Up:🇯🇵 JPY Machine Orders (YoY) (OCT) due at 23:50 GMT (15min), Actual: N/A Expected: -1.7% Previous: 5.1% https://www.dailyfx.com/economic-calendar#2019-12-11
  • Heads up: Japan’s Machine Orders (YoY) (OCT) is due at 23:50 GMT (15 min) Est: -1.7% Previous: 5.1% #JPY
USD/JPY Technical Analysis: Key Triangle Floor in Focus

USD/JPY Technical Analysis: Key Triangle Floor in Focus

2014-07-09 00:05:00
Ilya Spivak, Sr. Currency Strategist
Share:

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

Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 101.32, 100.75, 100.38
  • Resistance: 102.25, 102.71, 103.00

The US Dollar remains locked in choppy consolidation range above the 101.00 figure against the Japanese Yen. Near-term support comes in at 101.32, marked by a horizontal pivot capping the downside since early February and the floor of a large Triangle chart pattern. A daily close below that exposes swing lows in the 100.75-81 area. Alternatively, a reversal above near-term resistance at 102.25 opens the door for a test of 102.71, the intersection of the Triangle top and a two-month range top.

Congested positioning and lackluster follow-through make for a difficult trading environment. With that in mind, we will remain on the sidelines and wait for a break out of the Triangle to yield clarity and establish a directional bias.

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

USD/JPY Technical Analysis: Key Triangle Floor in Focus

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

News & Analysis at your fingertips.