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USD/JPY Technical Analysis: Rally Extends to 4-Month High

USD/JPY Technical Analysis: Rally Extends to 4-Month High

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 102.71, 102.45, 102.25
  • Resistance: 103.03, 103.50, 103.79

The US Dollar may have completed a major upward breakout against Japanese Yen after prices cleared resistance capping gains since January. The bulls now aim to challenge the 100%Fibonacci expansion at 103.03, with a break above that on a daily closing basis exposing the 123.6% level at 103.50. Alternatively, a reversal back below resistance-turned-support at 102.71 – the April 22 high – opens the door for a retest of the broken trend line (now at 102.45).

The available trading range is too narrow to justify a trade on the long or short side from a risk/reward perspective. We will continue to stand aside for now, waiting for an actionable trade setup to emerge.

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

USD/JPY Technical Analysis: Rally Extends to 4-Month High

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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