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USD/JPY Technical Analysis: Bulls Reclaim Key Chart Barrier

USD/JPY Technical Analysis: Bulls Reclaim Key Chart Barrier

2014-07-22 01:05:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 101.32, 101.12, 100.92
  • Resistance: 101.58, 101.94, 102.25

The Japanese Yen is on the defensive for a third consecutive day after the US Dollar reclaimed a foothold above key support-turned-resistance at 101.32, a barrier in play since early February. Buyers now aim to challenge falling trend line resistance at 101.58, with a break above that on a daily closing basis exposing downward-sloping channel top at 101.94. Alternatively, a move back below 101.32 opens the door for another challenge of the 38.2% Fibonacci expansion at 101.12.

Prices are too close to resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal argues against taking up the short side. We will remain flat for now.

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USD/JPY Technical Analysis: Bulls Reclaim Key Chart Barrier

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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