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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, Head Strategist, APAC
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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.

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

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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