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USD/JPY Technical Analysis: Eyeing 2-Month Resistance Line

USD/JPY Technical Analysis: Eyeing 2-Month Resistance Line

2014-07-25 03:02:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 101.52, 101.06, 100.81
  • Resistance: 101.81, 102.04, 102.25-28

The US Dollar advanced to the strongest level in two weeks against the Japanese Yen to put prices at key resistance defining the down trend since early June. A daily close above 101.81, the intersection of the 38.2% Fibonacci expansion and a falling channel top, initially exposes the 50% level at 102.04. Alternatively, a reversal below the 23.6% Fib at 101.52 opens the door for a challenge of the July 10 low at 101.06.

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: Eyeing 2-Month Resistance Line

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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