News & Analysis at your fingertips.

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. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
USD/JPY Technical Analysis: Yen Remains on the Defensive

USD/JPY Technical Analysis: Yen Remains on the Defensive

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 101.32, 101.12, 100.92
  • Resistance: 101.47, 101.88, 102.25

The Japanese Yen remains under pressure as the US Dollar continues to rise after clearing key support-turned-resistance at 101.32, a barrier in play since February. Buyers are testing above falling trend line resistance at 101.47, with a break above that on a daily closing basis exposing downward-sloping channel top at 101.88. Alternatively, a move back below 101.32 opens the door for another challenge of the 38.2% Fibonacci expansion at 101.12.

Entering long seems premature absent confirmation of a break above resistance. On the other hand, taking up the short side lacks support from a defined bearish reversal signal. We will continue to stand aside for the time being.

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

USD/JPY Technical Analysis: Yen Remains on the Defensive

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