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USD/JPY Technical Analysis: Bulls Trying to Breach 104.00

USD/JPY Technical Analysis: Bulls Trying to Breach 104.00

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 102.86, 102.49, 102.00
  • Resistance: 104.16, 105.21, 106.25

The US Dollar launched aggressively higher against the Japanese Yen, with prices touching the highest level in seven months. Near-term resistance is marked by the 38.2% Fibonacci expansion at 104.16. A break above that on a daily closing basis exposes the 50% level at 105.21. Alternatively, a reversal below the 23.6% Fib at 102.86 clears the way for a rising trend line set from mid-July, now at 102.49.

Prices are too close to 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.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USD/JPY Technical Analysis: Bulls Trying to Breach 104.00

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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