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USD/JPY Technical Analysis: Dollar Gains for Third Day

USD/JPY Technical Analysis: Dollar Gains for Third Day

2014-07-22 22:41:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 101.32, 101.12, 100.92
  • Resistance: 101.52, 101.91, 102.25

The Japanese Yen fell for a third straight day against the US Dollar after the latter currency reclaimed a foothold above key support-turned-resistance at 101.32. A daily close above falling trend line resistance at 101.52 exposes the top of a downward-sloping channel set from early June, now at 101.91. Alternatively, a reversal back below 101.32 clears the way for a test of the 38.2% Fibonacci expansion at 101.12.

Risk/reward considerations argue against entering long with prices trading in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now.

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USD/JPY Technical Analysis: Dollar Gains for Third Day

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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