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USD/JPY Technical Analysis: August High in the Crosshairs

USD/JPY Technical Analysis: August High in the Crosshairs

2014-09-01 00:23:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 104.04, 103.64, 103.15
  • Resistance: 104.34-44, 104.84, 105.24

The US Dollar is attempting to renew its uptrend against Japanese Yen, with prices clawing their way back above the 104.00 figure. A daily close above the 10434-44 area marked by the 23.6% Fibonacci expansion and the August 25 high exposes the 38.2% level at 104.84. Alternatively, a turn below the 14.6% expansion at 104.04 opens the door for a challenge of the 23.6% Fib retracement at 103.64.

The available trading range is too narrow to justify taking up a long or short position from a risk/reward perspective. With that in mind, we will continue to stand aside for the time being and wait for an actionable setup to present itself.

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USD/JPY Technical Analysis: August High 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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