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USD/JPY Technical Analysis: Grinding Toward 103.00 Level

USD/JPY Technical Analysis: Grinding Toward 103.00 Level

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 102.28, 101.98, 101.80
  • Resistance: 102.51, 102.75, 103.05

The US Dollar is attempting to secure the fifth consecutive day of gains against the Japanese Yen as prices grind toward the 103.00 figure. Near-term resistance is at 102.51, the 50% Fibonacci expansion, with a break above that on a daily closing basis exposing the 61.8% level at 102.75. Alternatively, a reversal below the 38.2% Fib at 102.28 clears the way for a test of the 23.6% expansion at 101.98.

Prices are too close resistance to justify entering long from a risk/reward perspective. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. With that in mind we will remain flat for now.

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USD/JPY Technical Analysis: Grinding Toward 103.00 Level

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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