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USD/JPY Technical Analysis: Dollar Tries to Regain Traction

USD/JPY Technical Analysis: Dollar Tries to Regain Traction

2014-08-13 02:43:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 101.98, 101.80, 101.50
  • Resistance: 102.28, 102.51, 102.75

The US Dollar is attempting to regain traction against the Japanese Yen after hitting a two-week low beneath the 102.00 figure. Near-term resistance is at 102.28, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 102.51. Alternatively, a turn below the 23.6% Fib at 101.98 opens the door for a challenge of the 14.6% expansion at 101.80.

Prices are wedged too closely between near-term support and resistance to justify taking a trade from a risk/reward perspective. We will stand aside for the time being, waiting for a more attractive setup to present itself.

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USD/JPY Technical Analysis: Dollar Tries to Regain Traction

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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