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USD/JPY Technical Analysis: July Peak in the Crosshairs

USD/JPY Technical Analysis: July Peak in the Crosshairs

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • 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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USD/JPY Technical Analysis: July Peak in the Crosshairs

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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