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USD/JPY Technical Analysis: Slump Extends Below 102.00 Mark

USD/JPY Technical Analysis: Slump Extends Below 102.00 Mark

2014-08-08 04:21:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 101.82, 101.43, 101.04
  • Resistance: 102.30, 102.60, 103.08

The US Dollar continues to sink against the Japanese Yen after finding resistance near the 103.00 figure, with prices tagging a two-week low. A daily close below the 38.2% Fibonacci expansion at 101.82 exposes the 50% level at 101.43. Alternatively, a turn above the 23.6% Fib at 102.30 clears the way for a test of the 14.6% expansion at 102.60.

Our reluctance to enter long earlier in the week is proving prescient. Although we maintain a supportive long-term view on USDJPY, a drop in the S&P 500 warns that spreading risk aversion will drive an unwinding of JPY-funded carry trades and continue to push the Japanese unit higher in the near- to medium-term. With that in mind, we remain flat.

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USD/JPY Technical Analysis: Slump Extends Below 102.00 Mark

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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