USD/JPY Technical Analysis: July Peak in the Crosshairs
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- USD/JPY Technical Strategy: Flat
- Support: 102.75, 102.51, 102.28
- Resistance: 103.05-08, 103.53, 104.00
The US Dollar continues to push higher and is now poised to challenge the 103.00 figure against the Japanese Yen once again. A daily close above the 103.05-08 area marked by the July 30 high and the 76.4% Fibonacci expansion exposes the 100% level at 103.53. Alternatively, a reversal below the 61.8% Fib at 102.75 opens the door for a challenge of the 50% expansion at 102.51.
Risk/reward considerations argue against entering long with prices in close proximity to resistance. On the other hand, the absence of a defined bearish reversal signal suggests taking up the short side is premature. We will remain flat for now.
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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.