Never miss a story from Ilya Spivak

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Ilya Spivak

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

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

Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 102.41, 102.10, 101.61
  • Resistance: 102.89, 103.39, 104.18

The US Dollar corrected narrowly lower against the Japanese Yen after clearing a trend line that had capped the upside since January. A daily close above resistance at 102.90, the 61.8%Fibonacci expansion, exposes the 76.4% level at 103.39. Support lines up in the 102.41-50 area, marked by the broken trend line and the 50% Fib. Reversing back below that opens the door for a test of the 38.2 expansion at 102.10.

We are tactically opting not to pursue a long position. While the technical setup seems acceptable, a sharp SPX 500 downturn warns that risk aversion may trigger liquidation of JPY-funded carry trades and force USDJPY downward. With that in mind, we will monitor things from the sidelines for now.

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

USD/JPY Technical Analysis: Passing on Long Trade Setup

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for